Telenor Group has announced the appointment of Mr. Sigve Brekke as the company’s new Group President and Chief Executive Officer. He will assume the office by 17th August 2015.
Sigve Brekke, who is succeeding Mr. Jon Fredrik Baksaas, is currently the Executive Vice President and Head of Telenor Group's Asia operations. Brekke joined Telenor during 1999 and has decorated several Executive positions since then.
Being the Head of Telenor Group, Asia, Brekke added more than 100 million subscribers for the mobile operator. “His contributions to Telenor has been significant and the region now represents more than 40 percent of the total enterprise value of Telenor Group,” said the company in a statement released.
"Sigve Brekke has a solid track-record as the Head of Telenor's Asia operations and part of Group Management since August 2008. His leading role in our Asian success story combined with his vast international experience and leadership capabilities will be of great value as the company continues its profitable growth journey," said Svein Aaser, Chairman of the Board of Directors in Telenor Group.
Mr. Brekke sees this as a great opportunity to lead Telenor. “Our company's Norwegian and international success is a result of Telenor Group's ability to provide digital communication services that are valuable to our customers. Telenor's strategy, including our financial priorities, form a solid platform for value creation for our shareholders and continued growth in Norway, Europe and Asia. We are poised to capture value from the opportunities arising from strong demand for internet services and I look forward to executing our strategy together with our 33,000 employees," said Sigve Brekke.
Brekke has also served in Defence as Deputy Minister from the period of 1993 to 1996. He holds a Masters degree in Public Administration from John F. Kennedy School of Government at Harvard University. Further to his education, he served as an Associate Research Fellow in the university.
Jon Fredrik Bakaas held the position for 13 years and is soon announcing his retirement. He will continue to be an advisor to the Board of Directors until the end of 2016.
"To lead Telenor during a period of rapid growth and major technological changes has been both exciting and rewarding. In Sigve Brekke, the Board of Directors has found the perfect candidate to continue Telenor's growth and value creation. We have worked closely for many years, and his knowledge of the business, customer focus and hands-on management style will ensure a great future for the company," Jon Fredrik Baksaas expressed his gratitude.
Sigve Brekke will have an annual salary of NOK 5.9 million, besides other benefits, including a long-term incentive grant of 30 percent of his annual base salary. A maximum annual bonus, amounting to 50 percent of his base salary will be also given. His existing pension agreement will be continued, however, his pensionable income will be capped at NOK 5 million. Sigve Brekke's retirement age is 65 years.
