EMEA News
Statoil CEO Resigns to Join BG Group
Norwegian oil and gas company Statoil ASA (Statoil) has today announced its CEO, Helge Lund, has resigned after 10 years with the company.
It is understood Lund stepped down in order to take up a position as head of UK-based BG Group.
"I could have continued for a period, but there is a time for everything," said Lund, who led Statoil through a merger with Norsk Hydro's oil and gas division during his tenure as well as establishing the company's renewable energy credentials by investing in offshore wind.
"Renewal is important, both for Statoil and for me.
"I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one," he continued.
Lund resigned with immediate effect and Statoil's board of directors has appointed Eldar Sætre as acting President and CEO.
"Safe and efficient operations is my top priority," said Sætre.
"We must also recognise that our industry is facing great challenges…[Statoil is] 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," he continued, outlining his intentions.
Statoil's Board has launched a search for a permanent replacement for Lund.
Statoil said earlier this year that Europe must push on with use of natural gas.
