Svein Tore Holsether appointed new CEO of Sapa
Orkla's Executive Vice President M&A Svein Tore Holsether has been appointed CEO
of Sapa. Holsether has been CFO of both Elkem and Sapa, and has led Sapa's
recent expansion in Asia through his role as Business Area President. Tim Stubbs
leaves to pursue new opportunities outside the group in London.
Svein Tore Holsether (39) held several positions in Elkem before he was
appointed CFO of Elkem in 2005. He was CFO of Sapa from 2007 to 2010, before he
was put in charge of Sapa's expansion in Asia as Business Area President, Sapa
Asia and Middle East in 2010. He is currently Executive Vice President M&A at
Orkla ASA.
- I am very pleased that Svein Tore Holsether is taking the position as CEO of
Sapa. Svein Tore has in-depth knowledge of Sapa from his previous five years
with the company, and he has the qualities and capabilities to meet the
company's strategic and operational challenges going forward, says President and
CEO of Orkla Bjørn M. Wiggen.
Svein Tore Holsether will assume his new position immediately.
- Over the last five years, Sapa has evolved from a European company to the
global #1 player within aluminium profiles, through the incorporation of Alcoa's
profiles business and the acquisition of Indalex. I know Sapa as a capable and
ambitious organisation. Going forward, it will be important to realise synergies
between the units and pull together in one direction. We have set clear
operational targets for the company, and my foremost ambition will be to reach
these targets, says Svein Tore Holsether.
Tim Stubbs leaves Sapa to assume a new position with Sun Capital in London. Sun
Capital owned Indalex, where Tim Stubbs was CEO, before Sapa bought the company
in 2009.
- Moving back to London is important for my family. It is, however, with regret
that I leave Sapa after a relatively short time as CEO. I am confident that
Svein Tore Holsether has all that it takes to lead Sapa in the years ahead, says
Tim Stubbs.
Orkla ASA
Oslo, 1 September 2011
Ref.:
SVP Corporate Communications and Public Affairs
Johan Chr. Hovland
Telephone +47 22 54 44 86/+47 917 63 491
SVP Investor Relations
Rune Helland
Telephone +47 977 13250
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
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