Statoil CEO resigns to take post at BG Group

Statoil's president and CEO Helge Lund will resign from Statoil to take up the position as chief executive and executive director of BG Group. His resignation from Statoil is effective immediately. He will begin his tenure at BG Group on March 2, 2015.

"I would like to thank Helge Lund for his great efforts during his ten years tenure at Statoil. Under his leadership Statoil has become a stronger company. We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental shelf," Svein Rennemo, chairman of Statoil, said in a statment distributed by Statoil.

Helge Lund

Helge Lund assumed the role as president and CEO of Statoil on August 16, 2004. Prior, Lund  served as the CEO of Aker Kvaerner.

Commenting on his departure in Statoil's statement, Lund said: "I could have continued for a period, but there is a time for everything. Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change."

“BG Group is a company with a strong set of assets and opportunities. I look forward to joining this organization and working with BG’s people to develop the company’s full potential,” Lund said in a BG-issued statement.

Statoil has appointed Eldar Saetre as acting president and CEO of Statoil and has established a sub-commitee to begin the search for a new CEO. The sub-committee is made up of chairman Svein Rennemo, board members Grace Reksten Skaugen, James Mulva and Lill Heidi Bakkerud (employee elected). Saetre has been a member of Statoil's corporate executive committee since 2003. He served as executive vice president and CFO until 2010, then as executive vice president of the Marketing, Processing and Renewable energy business area.

As acting CEO, Eldar Saetre will receive an annual fixed pay of 5.7 million NOK. He is also entitled to participation in Statoil's program for variable pay and long term incentives as described in the company's declaration on executive remuneration.

Tor Martin Anfinnsen has been appointed as acting executive vice president for Marketing, Processing and Renewable Energy. 

 

 

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