Peter A. Ruzicka (54) has informed the Board of Directors of Orkla ASA that he wishes to step down as President and CEO. He will remain in the position until Orkla has presented its results for the first quarter of 2019 on 7 May 2019.
"After five years as President and CEO of Orkla, I have concluded that the time has come to hand over the baton. These have been five eventful years in which Orkla has achieved good progress in many areas. The Group is well positioned for the future," says Peter A. Ruzicka.
Mr Ruzicka took up the position of President and CEO on 10 February 2014. He was a member of Orkla's Board of Directors from 2008 to 2014 and from 2003 to 2005. He was a member of the Corporate Assembly in 2006-2007.
"On behalf of the Board of Directors, I want to thank Peter for his outstanding efforts and good collaboration. Peter has done an excellent job of leading Orkla in the transition from an industrial conglomerate to a more focused branded consumer goods company. I am deeply grateful for the contribution that he has made as head of Orkla," says Board Chairman Stein Erik Hagen.
Mr Ruzicka will represent Orkla on the Board of Directors of Jotun A/S after his resignation.
The process of finding Mr Ruzicka's successor as President and CEO will begin immediately. Terje Andersen (61) will be appointed as Acting President and CEO from 7 May until a new President and CEO is in place. Mr Andersen joined Orkla in 1989 and has held the position of CEO of Orkla Investments since 2014. From 2003 to 2014, he was CFO of Orkla and sat on the Group Executive Board from 2005 to 2018. He is a member of the Board of Directors of Jotun AS and Borregaard ASA, and other companies.
Orkla is a leading supplier of branded consumer goods and concept solutions to the consumer, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its headquarters is in Oslo. In 2018, the Group had a turnover of NOK 41 billion, and approximately 18,500 employees as of 31 December 2018.
Oslo, 18 March 2019
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This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.