Åge Korsvold appointed as Acting President...

Orkla's Board of Directors and Bjørn M. Wiggen have agreed that he will resign as President and CEO of Orkla with effect from 30 April. The Deputy Chair of the Board of Directors, Åge Korsvold, has been appointed as Acting President and CEO.

 

"The change of CEO entails no change in Orkla's strategy. The company intends to strengthen its position as the leading branded goods company in the Nordic region. At the same time, the company's non-core businesses will be divested," says Stein Erik Hagen, Chair of Orkla's Board of Directors.

 

The change of CEO and preliminary accounting figures are being made public now in order to eliminate any uncertainty that may have been created by media reports on 28 April.

 

"Orkla is at a crucial stage of a demanding process of transforming the Group into a pure branded goods company. The Board of Directors wishes to be more closely involved in this process. The main reason for the change of President and CEO is disagreement between the Board and Bjørn M. Wiggen as regards ways of working. I am therefore pleased that the Deputy Chair of the Board, Åge Korsvold, has agreed to be appointed as Acting President and CEO," says Board Chair Stein Erik Hagen.

 

Åge Korsvold has many years of experience in top executive and Board positions in Norwegian and international business and industry, including as CEO of Storebrand from 1994 to 2000 and CEO of Kistefos AS from 2001 to 2010. He has been a member of Orkla's Board of Directors since May 2011.

 

"As Deputy Chair, Åge Korsvold has held a key position on the Board of Directors since May 2011, including in the process of formulating the Group's strategy. Along with the rest of the Group's top management, he will assure the necessary continuity in Orkla in the months to come," says Board Chair Stein Erik Hagen.

 

"My primary task will be to drive the transformation of Orkla into a pure branded goods company. Orkla is the leading brand builder in the Nordic region. We will build on the Group's strong market positions to create a stronger Orkla," declares Åge Korsvold.

 

"I would like to thank Bjørn for his efforts as President and CEO in a very demanding period, and for his work for the Group over many years," says Stein Erik Hagen.

 

The process of finding a new President and CEO for Orkla has begun.

 

Orkla ASA
Oslo, 30 April 2012

 

Ref.:

SVP Corporate Communication and Public Affairs
Johan Chr. Hovland
Tel.: [phone]

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: Orkla ASA via Thomson Reuters ONE

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