Noreco CEO steps down

Norwegian Energy Company ASA’s Chief Executive Officer Tommy Sundt is stepping down.

Noreco said in its announcement on Tuesday that, since joining Noreco as Chief Financial Officer in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the company. He became CEO in November 2014.

Noreco said that Sundt’s role as CEO for the Group would cease with immediate effect. However, the company said he would continue to fill the role as general manager for the Norwegian operations until the end of 2015. Noreco has added that Sundt’s departure has been agreed with the Board and he would receive the severance payment in accordance with his contract.

“The Board of Noreco ASA will continue to lead the strategic initiatives and with Tommy Sundt stepping down, the Board will actively engage in the day-to-day management of the group of companies,” the company has said.

In particular, Noreco has explained, Board member Riulf Rustad will intensify his efforts with the board work whereas the Chair of the Board Silje Augustson will in her capacity as executive director take on the group CEO role and assume additional functions and responsibilities related to the daily operations of the group.

Further to these management changes the Board has had a dialogue with the nomination committee and agreed that the board roles would be proposed to be reshuffled at the next general meeting. Specifically, it will be proposed that RiuIf Rustad will formally take over the role as Chair of the Board from Silje Augustson who will continue as a board member alongside London-based Board member Julien Balkany.

Noreco ASA has added that it would with the immediate effect be led from Nedre Vollgate 1 in Oslo, while Noreco Norway will maintain its Stavanger presence.

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