Statoil’s board elects new chair

Statoil has elected Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of its board of directors.

The election was held in a meeting in the Corporate Assembly of Statoil ASA on June 9, 2015.

According to Statoil, chair of the board Svein Rennemo and board member Jim Mulva had in advance informed the nomination committee that they did not wish to stand for re-election in 2015.

Øystein Løseth has been a member of Statoil ASA’s board of directors since October 1, 2014 and is a member of the board’s audit committee. He worked in Vattenfall AB from 2009 to 2014, first as an Executive Vice President and then as the company’s Chief Executive Officer from 2010. In the period 2003 – 2009, Løseth worked for the Dutch energy company NUON, first as Division Managing Director, then as Managing Director and Chief Executive Officer. In addition, he has extensive management experience from Statkraft and Statoil within strategy and business development.

Roy Franklin, new member and deputy chair of Statoil’s board of directors, was a member of the board of directors of StatoilHydro from October 2007, and Statoil’s board of directors from November 2009 until June 2013. He has previously been the chair of both the board’s safety, sustainability and ethics committee and the board’s audit committee. Franklin has experience from the oil and gas industry, including from BP, Paladin Resources and Clyde Petroleum.

The company says that the election enters into effect from July 1, 2015, and until the ordinary election of shareholder-elected members to the board of directors in 2016.

Furthermore, the corporate assembly re-elected Lill-Heidi Bakkerud, Ingrid Di Valerio and Stig Lægreid as employee-elected members of Statoil’s board of directors. Per Steinar Stamnes, Per Gunnar Stavland og Kjetil Hansen Melvær (with this priority) were elected as deputy members for the employee-elected board members.

The employee-elected members to the board of directors enters into effect from 1 July 2015 and the members have been elected for a period of two years.

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