Noreco announces departure of CEO

STAVANGER, Norway -- Norwegian Energy Company ASA (Noreco) announced Tuesday that Tommy Sundt is stepping down as the CEO of the company.

Since joining Noreco in September 2014, Sundt has played an important role during the financial and corporate restructuring of the company.

While Sundt’s role as the CEO of the Noreco group will cease with immediate effect, he will continue to fill the role of general manager for Norwegian operations until the end of 2015.
Sundt’s departure has been agreed with the board, and he will receive a 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.

Board

In particular, Riulf Rustad will intensify his efforts with the board work whereas 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 will 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 Julien Balkany.

Noreco ASA will, with immediate effect, be led from Nedre Vollgate 1 in Oslo, while Noreco Norway will maintain its Stavanger presence.