Statoil ASA

Changes in Statoil's Corporate Executive Committee and corporate structure

Statoil (OSE: STL, NYSE: STO) is making changes in its Corporate Executive Committee (CEC) to ensure renewal, broaden the experience in the leadership team, and further strengthen the leadership pipeline in the company. Reflecting further development of the international portfolio, Statoil is also making some adjustments in its corporate structure. The changes are planned to take effect between 1 May and 15 October.

"The changes in top management and our business area structure will strengthen our ability to deliver on our always safe, high value and low carbon strategy as we develop as a broad energy company.  Several executives will take on new positions to leverage their skills in strategic areas for Statoil while continuing to broaden their experience. These moves open the opportunity to include new members with strong commercial and operational backgrounds in the corporate executive committee", says President and Chief Executive Officer Eldar Sætre.

The changes in the CEC and corporate structure are as follows:

• EVP Development & Production International (DPI) Lars Christian Bacher will take over the position as Chief Financial Officer (CFO), succeeding Hans Jakob Hegge, who will take the position as US country manager heading up Statoil's global onshore unconventional activities.
• EVP Development & Production USA (DPUSA) Torgrim Reitan will head up a restructured DPI, that will include current operations organized in DPUSA.
• The Brazil operations will be taken out of the DPI portfolio and organised as a separate business area; Development & Production Brazil (DPB). EVP Technology, Project & Drilling (TPD) Margareth Øvrum will be the EVP for the new business area.
• EVP New Energy Solution (NES) Irene Rummelhoff will take over as EVP Marketing, Midstream & Processing (MMP), succeeding Jens Økland, who will take the role as Senior Vice President for Business Development in NES.
• SVP Anders Opedal will move from current position as country manager Brazil to succeed Margareth Øvrum as EVP TPD and becomes a new member of the CEC.
• SVP Pål Eitrheim, currently responsible for procurement as part of TPD, joins the CEC as EVP NES, taking over from Irene Rummelhoff.
• SVP Al Cook moves from his position as head of operations technology and partner operated licenses in DPI, and takes the role as EVP Global Strategy & Business Development (GSB) in the CEC, succeeding John Knight. As previously announced, Knight has decided not to prolong his contract with Statoil beyond the end of 2018. He will step down from the CEC 1 May.

"Statoil will establish Brazil as a separate business area as it represents a new core area for Statoil, holding promising offshore oil and gas basins with a significant resource base. This allows the senior leadership team to be close to this area in an important build up phase. The inclusion of the US operations in DPI is a consequence of our US operations maturing significantly over the last few years. Statoil is pursuing unconventional onshore business opportunities globally, and sees synergies in having US onshore operations organised within DPI to capitalise on valuable expertise and ensure learning across geographies", says CEO Eldar Sætre.