REC - Changes in Group Management

Sandvika, October 24, 2013: Following the listing of REC Solar, with expected completion on October 25, 2013, the remaining operations of Renewable Energy Corporation ASA (REC) will be located in the US. As a consequence, REC is about to move all headquarter functions from Norway to the State of Washington, US which also includes changes to key positions in the Group Management team.

President & CEO of REC Ole Enger will step down on December 1, 2013 after heading up the company for 4.5 years.

"I want to thank Ole for his significant contribution to the development of REC. His deep industry knowledge and experienced leadership has been crucial in a very challenging phase for the solar industry. Ole and the rest of the REC team have successfully established two world class businesses with the Solar operations in Singapore and Silicon operations in the US", says Chairman of the Board, Mimi K. Berdal.

The REC Board of Directors has appointed Tore Torvund as President & CEO of REC, effective from December 1, 2013. Mr. Torvund is currently EVP REC Silicon and has been in that role since January 2009. Mr. Torvund has a Master of Science degree from the Norwegian University of Science and Technology (NTNU), Trondheim, Norway.  He came to REC with broad experience from more than twenty years in senior executive positions in the oil and gas industry.  Mr. Torvund was Executive Vice President responsible for Norsk Hydro's Oil & Gas Division from 2000 until the merger with Statoil in 2007 and Executive Vice President responsible for StatoilHydro's operations on the Norwegian continental shelf until 2008. 

James May has been appointed CFO of REC effective from December 1, 2013. Mr. May is currently CFO of REC Silicon and he has been with REC Silicon since December 2008. Mr. May has a Bachelor of Business Administration in Accounting from Boise State University, Idaho. Before joining REC, Mr. May has several years of experience from various roles in accounting, finance, supply chain/purchasing and business planning from a number of chemical companies in the US.        

Furthermore, on December 1, Chief Financial Officer Kjell Christian Bjørnsen, Chief Legal Officer Florian Krumbacher and SVP Investor Relations & Business Development Mikkel Tørud will step down from their current positions. SVP REC Solar Øyvind Hasaas has taken on the role of CEO in REC Solar ASA.

For more information, please contact;

Mimi K. Berdal
Chairman of the Board, REC
Telephone: + 47 908 92 442

About REC

REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion. To see more of what REC can offer, visit www.recgroup.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE

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