Organisational change in Orkla's Finance Department

16.02.2006: In order to strengthen the overall finance organisation of the Group, the finance and treasury department of Elkem will be organisationally combined with Orkla's finance department.

This move will contribute to a better utilisation of joint resources and, not least, provide a basis for competence development and continuous improvement efforts going forward. The expansion and development of the Group, implies growing demands and challenges for the central finance organisation.  This relates both to the requirement for efficient systems and processes in support of the Group's various operating businesses and, not least, the role of the finance department in an advisory and support capacity with respect to future structural projects.
 
In the combined finance department, Jan Arne Bergseth (38) will continue as head of the Group's treasury operations, whereas Arvid Østbø (37) will continue as responsible for the external funding of the Orkla Group. Geir Solli (44) is appointed Senior Vice President Corporate Finance and head of the joint department. Geir will have particular responsibility for the co-ordination and integration of the two departments, in addition to strategy and competence development going forward. Geir Solli holds an degree in Business Administration from the Norwegian School of Management and an MBA from the University of Wisconsin-Madison and currently heads the finance department of Elkem. He has previously held a position within corporate development in Elkem as well as several key finance positions within the Kværner Group in Norway, the US and the UK. Geir will report to CFO Terje Andersen.
 
The organisational changes will be formally effective as of March 1st, 2006, whereas the practical integration is expected to take somewhat longer.