Dag J. Opedal will step down as President and CEO of Orkla during 2010
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.