The Board of Directors of Telenor Group (Telenor) today announces the appointment of Mr. Sigve Brekke as the company’s new Group President and Chief Executive Officer. He will succeed Mr. Jon Fredrik Baksaas by 17 August 2015.
Sigve Brekke is the Executive Vice President and Head of Telenor Group’s Asia operations. He joined Telenor in 1999 and has held several executive positions in the company since then.
“Sigve Brekke has a solid track-record as the Head of Telenor’s Asia operations and part of Group Management since August 2008. His leading role in our Asian success story combined with his vast international experience and leadership capabilities will be of great value as the company continues its profitable growth journey,” said Svein Aaser, Chairman of the Board of Directors in Telenor Group.
Sigve Brekke has been instrumental in establishing Telenor Group as a leading international mobile operator. Under Brekke’s leadership, Telenor has added more than 100 million subscribers in Asia. The value creation from Asia has been significant and the region now represents more than 40 percent of the total enterprise value of Telenor Group. Telenor is well positioned to monetise on the next growth wave – providing internet for all.
“It is a great honour to be asked to lead Telenor. Our company’s Norwegian and international success is a result of Telenor Group’s ability to provide digital communication services that are valuable to our customers. Telenor’s strategy, including our financial priorities, form a solid platform for value creation for our shareholders and continued growth in Norway, Europe and Asia. We are poised to capture value from the opportunities arising from strong demand for internet services and I look forward to executing our strategy together with our 33,000 employees,” said Sigve Brekke.
Jon Fredrik Baksaas steps down after 13 years as the company President and CEO. In September 2014, he extended his tenure for another year, until the end of 2015. In preparation of Baksaas’ retirement, Telenor’s Board of Directors initiated a thorough process with a broad set of internal and external candidates to find his successor. Baksaas will continue as advisor to the Board of Directors until the end of 2016 and will serve as Chairman of GSMA, the global industry organisation for mobile operators.
“Jon Fredrik Baksaas has internationalised Telenor and transformed us into a modern, world-class telecom company and widely known consumer brand originating from Norway. I believe Fredrik is one of the most important industry leaders in Norway in modern times,” said Svein Aaser.
Jon Fredrik Baksaas has served as President and CEO of Telenor Group since June 2002. Prior to becoming the President and CEO, Baksaas served as Telenor’s Deputy CEO and Chief Financial Officer. Under his leadership, Telenor has grown substantially both in terms of number of customers, revenue and market value. Telenor is a leading mobile telecom company with mobile operations in 13 markets and 192 million mobile subscriptions worldwide. Revenues have increased from NOK 49 billion to NOK 107 billion and market capitalisation from NOK 45 billion to NOK 270 billion during Baksaas’ leadership. A significant contributor to this development has been the company’s growth in Asia.
“To lead Telenor during a period of rapid growth and major technological changes has been both exciting and rewarding. In Sigve Brekke, the Board of Directors has found the perfect candidate to continue Telenor’s growth and value creation. We have worked closely for many years, and his knowledge of the business, customer focus and hands-on management style will ensure a great future for the company,” said Jon Fredrik Baksaas.
Sigve Brekke’s annual base salary will be NOK 5.9 million. In addition he will be entitled to a long- term incentive grant of 30 per cent of his annual base salary. His maximum annual bonus is 50 per cent of annual base salary. His existing pension agreement will be continued, however his pensionable income will be capped at NOK 5 million. Sigve Brekke’s retirement age is 65 years.
Brekke served as the Deputy Minister (State Secretary) of Defence from 1993 to 1996. He holds a Master of Public Administration from the John F. Kennedy School of Government at Harvard University, where he also served as an Associate Research Fellow.
Telenor will host a press conference today at 10.30 CET at Telenor Expo at Snarøyveien 30, Fornebu, Norway. Chairman Svein Aaser, President and CEO Jon Fredrik Baksaas and Sigve Brekke will be present. The press conference will be webcasted and available on the company’s web site.
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