Statoil’s Lund steps down / News / The Foreigner

Statoil’s Lund steps down. UPDATED: President and CEO Helge Lund leaves the Norwegian energy giant for Britain’s BG Group, several Norwegian media report. His voluntary resignation is effective immediately. "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,” Svein Rennemo, chairman of the board at Statoil says in a statement. Company communications manager Jannik Lindbæk jr. confirms the news, telling regional publication Stavanger Aftenbladet that “Statoil has no comment to make until the press conference scheduled for 11 am [Central European Time] today.”

statoil, oil, norway, britain



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Statoil’s Lund steps down

Published on Wednesday, 15th October, 2014 at 08:42 under the news category, by Michael Sandelson   .
Last Updated on 15th October 2014 at 13:35.

UPDATED: President and CEO Helge Lund leaves the Norwegian energy giant for Britain’s BG Group, several Norwegian media report. His voluntary resignation is effective immediately.

Statoil's Helge Lund
This picture was taken at ONS 2014 in Stavanger. From left: Chairman of the board Svein Rennemo, EVP Development & Production Norway Arne Sigve Nylund, and Statoil's Helge Lund.Statoil's Helge Lund
Photo: Harald Pettersen - Statoil ASA


"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,” Svein Rennemo, chairman of the board at Statoil says in a statement.

Company communications manager Jannik Lindbæk jr. confirms the news, telling regional publication Stavanger Aftenbladet that “Statoil has no comment to make until the press conference scheduled for 11 am [Central European Time] today.”

Helge Lund assumed his post at Statoil in August 2004, leading the company through the merger with Norsk Hydro’s oil and gas division.

According to the company, it has become a streamlined technology driven upstream firm through the sale of activities such as petrochemicals and retail.

It has also established itself within the field of renewable energy through investment in offshore wind power.

One example is the Sheringham Shoal wind park, located approximately 12.5 miles offshore from the seaside resort of Wells-next-the-Sea in Norfolk, UK.

Norway’s HRH Crown Prince Haakon opened the facility in September 2012 after the last turbine was installed in July of that year.

88 turbines generate a capacity of around 1.1TWh of green energy per annum, providing electricity for 220,000 British homes.

Statoil and Norway state-owned electricity company each have a 50 per cent each of Sheringham Shoal via the joint-venture company Scira Offshore Energy Limited.

"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. I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one," Helge Lund comments in the statement from Statoil.

Norway state-owned broadcaster reports Statoil says Mr Lund’s basic annual salary at BG Group will be NOK 15.7m (approaching GBP 1.5m/some EUR 1.88m/USD 2.38m at today’s ROE).

Statoil also states that Mr Lund will not receive severance pay beyond salary until the end of the notice period, which is 1st March 2015.

Pension, bonus, and long-term incentive schemes will be concluded according to applicable agreements and Statoil’s practice.

Statoil’s board of directors has appointed Eldar Sætre as acting president and CEO while searching for Mr Lund’s successor.

Chairman of the board Svein Rennemo announces that he is “very pleased” that Mr Sætre will head the company until then.

“Eldar Sætre has a strong track record as member of the corporate executive committee, and has been instrumental in the development and execution of Statoil’s strategy and improvement agenda. Eldar Sætre is the right leader to ensure continuity and execution rigour in this transition,” concludes Mr Rennemo.




Published on Wednesday, 15th October, 2014 at 08:42 under the news category, by Michael Sandelson   .
Last updated on 15th October 2014 at 13:35.

This post has the following tags: statoil, oil, norway, britain.





  
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