Statoil’s president and CEO Helge Lund resigns
President and CEO Helge Lund has informed Statoil’s (OSE: STL, NYSE: STO) board of directors that he will resign.
Helge Lund has chosen to leave Statoil to take up the position as CEO of another international oil and gas company.
The board of directors has appointed Eldar Sætre as acting president and CEO of Statoil with immediate effect.
“I would like to thank Helge Lund for his great efforts during his ten years tenure at Statoil. Under his leadership Statoil has become a stronger company. We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental shelf. Exploration results and shareholder return have both been among the best in the industry and the company’s integrity and values are strengthened,” says Svein Rennemo, chairman of the board.
Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004. During this period, the company has delivered strong results in several areas:
Yearly total shareholder return has been 11.2% or 2.3 percentage points above the industry average. 1)
Statoil’s market capitalization has increased from 189 billion NOK to above 500 billion NOK.
The company’s production has grown from around 1.1 to 1.9 million boe per day. Production from the international portfolio has increased fivefold.
The serious incident frequency has decreased from 3.3 to 0.7 per million working hours.
The number of exploration wells in 2004 was 12. This year Statoil plans to complete around 50 exploration wells.
It has been a privilege to lead Statoil during ten very exciting years. This is a company with highly experienced and competent employees. I would like to thank everyone for our collaboration and their strong efforts for Statoil. Together we have created values for Statoil’s shareholders and the society, and strengthened our resource base at the Norwegian continental shelf and internationally, says outgoing CEO Helge Lund.
Helge Lund led the company through the merger with Norsk Hydro’s oil and gas division. During his tenure, Statoil has become a streamlined technology driven upstream company, through the sale of activities such as petrochemicals and retail. At the same time, Statoil has established positions in renewable energy, through investments in offshore wind.
“I could have continued for a period, but there is a time for everything. Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change. I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one,” says Helge Lund.
Helge Lund resigns with immediate effect. No severance will be paid beyond salary until the end of the notice period, 1 March 2015. In this period Helge Lund will be at the company’s disposal. The schemes for pension, bonus and long-term incentive will be concluded in accordance with applicable agreements and Statoil’s practice.
Statoil’s board of directors has appointed Eldar Sætre as acting president and CEO.
Statoil will host a press conference at 11:00 CET at the company’s office at Fornebu, Martin Linges vei 33. The press conference will be held in Norwegian. It will be webcasted. Chairman of the board Svein Rennemo, acting CEO Eldar Sætre and Helge Lund will be present.