Orkla ASA : Terje Andersen to be responsible for Orkla's investments outside
the branded consumer goods business
Terje Andersen (55) is to become CEO and head of Orkla Investments, which is
being established as a separate area of responsibility in Orkla ASA.
The purpose of Orkla Investments is to ensure optimal management of Orkla's
ownership interests outside its branded consumer goods business. Orkla is
undergoing a transitional phase towards becoming a pure play, Nordic-based
branded consumer goods company. However, the Group has substantial financial
and industrial assets outside its branded goods business. These assets require
active follow-up in order to safeguard Orkla's ownership interests, promote
underlying value growth and optimise value realisation in line with the
"This is an important organisational change which will ensure that we have
sufficient expertise and capacity to follow up on our investments outside the
branded consumer goods business. We are glad that Terje, with his many years
of solid experience in Orkla, has accepted the offer to head Orkla
Investments," says Orkla President and CEO Åge Korsvold.
Terje Andersen is currently Chief Financial Officer (CFO) at Orkla. He will
take up his position as CEO and head of Orkla Investments as of 1 May 2013. In
this position he will report to Orkla's President and CEO.
In addition to his extensive experience as CFO, Terje Andersen has relevant
Board experience from Elkem, Sapa and Borregaard and other companies. He has
played a key role in Borregaard's stock exchange listing and in negotiating
the agreement with Hydro on the establishment of a Sapa joint venture. Terje
Andersen will be one of Orkla's representatives on the Board of Directors of
Sapa J/V. Furthermore, he has also been elected as one of Orkla's
representatives on Jotun's Board of Directors.
Work has begun on the process of finding a new CFO for Orkla, and both
internal and external candidates will be considered. Until the new CFO is in
place, Terje Andersen will assume the role of CFO at Orkla in addition to
heading Orkla Investments.
Oslo, 26 April 2013
Executive VP Corporate Communications and Corporate Affairs
Mobile +47 928 45828
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.