Statoil’s (OSE: STL, NYSE: STO) Nomination Committee has recommended that the company's corporate assembly elect Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of Statoil's board of directors.
Løseth has been a member of Statoil’s board of directors since October 2014 and is a member of the board’s Audit Committee. He worked in Vattenfall AB from 2009 to 2014, first as an executive vice president and then as the company’s CEO from 2010. From 2003 to 2009, Løseth worked for the Dutch energy company NUON, first as division managing director, then as managing director and CEO. In addition, he has management experience from Statkraft and Statoil within strategy and business development. Løseth holds a Master of Science degree from the Norwegian University of Science and Technology and a Bachelor of Science degree in business management from the BI Norwegian School of Management in Bergen.
Franklin was a member of the board of directors of StatoilHydro from October 2007, and of Statoil’s board of directors from November 2009 until June 2013. He has previously been the chair of the board’s Safety, Sustainability, and Ethics Committee and the board’s Audit Committee. Franklin has leadership experience from the oil and gas industry, including from BP, Paladin Resources, and Clyde Petroleum. He has a Bachelor of Science degree in geology from the University of Southampton in the UK.
Catherine Hughes resigned from the board of directors on April 19. The Nomination Committee’s search for a new female board member as replacement for Hughes has begun, but is not expected to be completed in time for the corporate assembly meeting in June. A by-election will be held as soon as a new candidate has been identified.
Additionally, board chair Svein Rennemo and board member Jim Mulva have informed the Nomination Committee that they do not wish to stand for re-election in 2015, so the committee is recommending a new chair, as well as a new member of the board of directors. A new deputy chair of the board of directors has not been elected after the former deputy chair, Grace Reksten Skaugen, resigned from the board, effective March 19. The Nomination Committee is, therefore, also proposing a new deputy chair of the board of directors.
The board election will take place at Statoil's corporate assembly meeting on June 9. It is proposed that the election enters into effect from July 1 and until the ordinary election of shareholder-elected members to the board of directors in 2016.