Changes proposed in Orkla’s Board of Directors

Chairman of the Corporate Assembly of Orkla ASA Øystein Eskeland will, in consultation with certain major company shareholders, convene a meeting of Orkla’s Corporate Assembly on Thursday, 21 September.

At this meeting, Øystein Eskeland will propose that the shareholder-elected representatives of the Corporate Assembly elect Frode Alhaug, Finn Hvistendahl, Åge Korsvold and Christen Sveaas as new members of Orkla’s Board of Directors, and that Svein Ribe Anderssen, Jens P. Heyerdahl d.y., Truls Holthe and Matti Lehti resign from the Board.

Eskeland will also recommend that the Corporate Assembly elect Åge Korsvold as Chairman of the Board of Directors.

“Provided that the elections are carried out in accordance with the above-mentioned proposals, I assume that there will no longer be any question of convening an Extraordinary General Meeting,” says Eskeland.

Åge Korsvold comments, “It has been crucial to reach agreement on a solution that can form the basis for a process to restore calm as regards Orkla and secure company assets and the further development of the company. The Board of Directors will work closely with Orkla’s administrative staff to further develop Orkla as a strong engine of Norwegian industry. At the same time, we will initiate whatever investigations are necessary to clarify the situation as regards the transactions of Orkla shares that have been the subject of recent debate.”

Orkla President and Group Chief Executive Jens P. Heyerdahl d.y. says that he agrees with Eskeland’s proposal and is in favour of the overall solution.