Statoil’s (OSE: STL, NYSE: STO) board of directors has appointed Eldar Sætre as the company’s new president and CEO.
Sætre has been acting as president and CEO since October, and assumes the role with immediate effect. He has 35 years of experience from Statoil and the oil and gas industry. He has been a member of Statoil’s corporate executive committee since 2003. He began as CFO, and later became executive vice president for the Marketing, Processing, and Renewable Energy business area.
Sætre played a key role during Statoil's IPO and the merger with Norsk Hydro's oil and gas division. He was also responsible for the updated strategy for marketing of natural gas to the European market, and has led the improvement work at Statoil's onshore facilities.