15.10.2014 08:05:51

Statoil CEO Helge Lund Resigns; Appoints Eldar Sætre As Acting President And CEO

(RTTNews) - Statoil (STO) announced that Helge Lund has decided to resign from the company to take up the position as CEO of another international oil and gas company. The board of Statoil has appointed Eldar Sætre as acting president and CEO, with immediate effect. Statoil's board has established a sub-committee which has started the search for next CEO.

Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004. The company said no severance will be paid beyond salary until the end of the notice period, 1 March 2015.

Acting CEO Eldar Sætre has been a member of Statoil's corporate executive committee since 2003. He served as executive vice president and CFO until 2010, then as executive vice president of the Marketing, Processing and Renewable energy business area. As acting CEO, Eldar Sætre will receive an annual fixed pay of 5.7 million NOK.

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