Terje Andersen to be responsible for Orkla's in...

Terje Andersen (55) is to become CEO and head of Orkla Investments, which is being established as a separate area of responsibility in Orkla ASA.

The purpose of Orkla Investments is to ensure optimal management of Orkla's ownership interests outside its branded consumer goods business. Orkla is undergoing a transitional phase towards becoming a pure play, Nordic-based branded consumer goods company. However, the Group has substantial financial and industrial assets outside its branded goods business. These assets require active follow-up in order to safeguard Orkla's ownership interests, promote underlying value growth and optimise value realisation in line with the Group's strategy. 

"This is an important organisational change which will ensure that we have sufficient expertise and capacity to follow up on our investments outside the branded consumer goods business. We are glad that Terje, with his many years of solid experience in Orkla, has accepted the offer to head Orkla Investments," says Orkla President and CEO Åge Korsvold.

Terje Andersen is currently Chief Financial Officer (CFO) at Orkla. He will take up his position as CEO and head of Orkla Investments as of 1 May 2013. In this position he will report to Orkla's President and CEO.

In addition to his extensive experience as CFO, Terje Andersen has relevant Board experience from Elkem, Sapa and Borregaard and other companies. He has played a key role in Borregaard's stock exchange listing and in negotiating the agreement with Hydro on the establishment of a Sapa joint venture. Terje Andersen will be one of Orkla's representatives on the Board of Directors of Sapa J/V. Furthermore, he has also been elected as one of Orkla's representatives on Jotun's Board of Directors.

Work has begun on the process of finding a new CFO for Orkla, and both internal and external candidates will be considered. Until the new CFO is in place, Terje Andersen will assume the role of CFO at Orkla in addition to heading Orkla Investments.

Orkla ASA
Oslo, 26 April 2013

Ref.:
Executive VP Corporate Communications and Corporate Affairs
Håkon Mageli
Mobile [phone]

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Source: Orkla ASA via Thomson Reuters ONE

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