Statoil’s board of directors appoints new president and CEO

The board of directors of Statoil, a Norwegian multinational oil and gas company, has appointed Eldar Sætre as new president and CEO.

Sætre has been acting as president and CEO since October, and assumes the role with immediate effect. He has 35 years of experience from Statoil and the oil and gas industry.

Statoil board chair Svein Rennemo stated:

"Eldar Sætre was our first choice. The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these. I am extra pleased that we were able to recruit the next CEO from within Statoil."

Sætre has extensive operational and financial experience from Statoil. He has been a member of the corporate executive committee since 2003. He started as chief financial officer, and later became executive vice president for the Marketing, Processing and Renewable Energy (MPR) business area.

ldar Sætre, Statoil's new president and CEO, commented:

"Statoil is well positioned for the future. We have a solid financial platform, and a highly competent organisation. Our industry is currently experiencing large uncertainty. Statoil started the work to improve our competitiveness early. We have our work cut out for us, but we are well prepared to tackle these challenging times."

"Statoil´s strategy is future oriented and well anchored. Three areas stand out to me as of particular importance: On the Norwegian continental shelf we will strengthen and extend our position. Internationally we will invest where we can create material and profitable positions. We will also strengthen our efforts in the transition to a low carbon society. Competitiveness and sustainability is of critical importance, either in oil and gas production or future projects in renewable energy," Sætre says.

Board chair Svein Rennemo has headed a subcommittee of the board that, following the resignation of Helge Lund in October of last year, has been responsible for the search for Statoil's next CEO. Mr. Rennemo points to three main challenges for the next CEO:

• Improving Statoil's competitiveness, through a strengthened efficiency and improvement agenda.
• Navigating a macroeconomic situation with larger uncertainty and stronger pressure on industry margins.
• Increasing the speed of the company's transition towards a low-carbon society.