BG Group appoints Helge Lund as CEO; Statoil appoints Eldar Sætre as acting President and CEO

BG Group has appointed Helge Lund as CEO and an Executive Director, to take effect 2 March 2015. Mr Lund is currently CEO of Statoil. The Norwegian company has appointed Eldar Sætre as acting president and CEO.

“It has been a privilege to lead Statoil during 10 very exciting years,” Mr Lund said. “Together we have created values for Statoil’s shareholders and the society and strengthened our resource base at the Norwegian continental shelf and internationally.”

Mr Lund led the company through the merger with Norsk Hydro’s oil and gas division. During his tenure, Statoil has become a streamlined, technology-driven upstream company, through the sale of activities, such as petrochemicals and retail. At the same time, Statoil has established positions in renewable energy through investments in offshore wind.

“I could have continued for a period, but there is a time for everything,” Mr Lund said. “Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change. I have both the motivation and energy to take on a new leadership challenge and found this opportunity to be the right one,”

Mr Sætre has been a member of Statoil’s corporate executive committee since 2003. He served as Executive Vice President and CFO until 2010, then as Executive Vice President of the Marketing, Processing and Renewable Energy Business.

“Safe and efficient operations is my top priority,” Mr Sætre said. “We must also recognize that our industry is facing great challenges. We are in the midst of executing on a comprehensive improvement agenda to strengthen our competiveness. This is necessary for Statoil’s long-term opportunities and value creation.”

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