Dag J. Opedal will step down as President and C...
Dag J. Opedal has notified the Board of Directors of Orkla ASA that he would
like to step down as president and CEO during the current year. In agreement
with the Board of Directors, Mr Opedal will continue in his position until his
successor is in place. The Board will start the process of hiring a new CEO. Mr
Opedal will continue to chair the Board of REC ASA after leaving Orkla. He will
also continue to attend to Orkla's interests on Jotun AS' Board.
   "After nearly six years as president and CEO and nine years as a member of
Orkla's Group Executive Board, I feel it is time to pass on the baton. It has
been incredibly exciting to have the opportunity to take part in Orkla's dynamic
development during this period. It has been especially inspiring to get to work
so closely with the Group's many talented leaders and other co-workers,"
comments President and CEO Dag J. Opedal.
On behalf of Orkla's Board of Directors, Chair of the Board Stein Erik Hagen,
thanks Dag J. Opedal for his wide-ranging efforts and for more than 20 years of
contributions to the Group's development and growth, not least as president and
CEO since 2005.
   "Numerous industrial improvement processes have been implemented under his
management. The branded consumer goods companies Orkla Brands and Jotun (42.5%
stake) have reported steadily stronger results. Sapa has been developed into a
new business segment. The company is now a global leader in aluminium solutions,
with a performance curve that points upwards. Further, systematic efforts are
being made to ensure that the Group's solar investments in REC and Elkem Solar
will eventually fulfil their potential. By the same token, Mr Opedal has
contributed to focus Orkla's portfolio through the sale of Orkla Media and
Elkem's primary aluminium business, as well as the hydropower operations that
will be subject to reversion to the State. There are also good plans in place
for Orkla's future value creation," states Chair of the Board Stein Erik Hagen.
Pursuant to his termination agreement, Dag J. Opedal will receive salary and
contractual benefits for 12 months after the 6-month period of notice.
Oslo, 2 July 2010
Contacts:
Stein Erik Hagen: Tel. +47 241 33011
Dag J. Opedal: Tel. +47 225 44538
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1429365]
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Source: Orkla ASA via Thomson Reuters ONE
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