Statoil elects new board members

Statoil ASA (OSE: STL, NYSE: STO) has elected Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of the company’s board of directors.

Løseth has been a member of Statoil’s board of directors since Oct. 1, 2014, and is a member of the board’s Audit Committee. Løseth has top managerial experience in the energy sector, with particular expertise and experience from the European energy market. He worked in Vattenfall AB from 2009 to 2014, first as an executive vice president and then as the company’s CEO from 2010. In the period 2003–2009, 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 graduated with a Master of Science degree from the Norwegian University of Science and Technology, and a Bachelor of Science degree in business management from BI Norwegian School of Management in Bergen.

Franklin was a member of the board of directors of StatoilHydro from October 2007, and Statoil’s board of directors from November 2009 until June 2013. He has previously been the chair of both 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, UK.

In additional board news, board chair Svein Rennemo and board member Jim Mulva had in advance informed the Nomination Committee that they did not wish to stand for re-election in 2015. Bjørn Tore Godal, Jakob Stausholm, and Marjan Oudeman were re-elected as members of the board of directors. Board member Rebekka Glasser Herlofsen, who was elected to the board as of March 19, has been elected until the ordinary election of shareholder-elected members to the board of directors in 2016.


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