Telenor Group appoints new CFO, names Morten Sorby as Chief Transformation Officer

Telenor Group has appointed Jørgen C. Arentz Rostrup as new Chief Financial Officer (CFO) of the company, effective from November 1, 2016. The company said that the current acting CFO, Morten Karlsen Sorby, will continue until Rostrup commences the position, and will then assume a new role as Chief Transformation Officer.

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Rostrup comes from the position as President of Yara North America, Inc., and will join the Telenor Group Executive Management team. He will report to President and Chief Executive Officer Sigve Brekke.

Acting CFO, Morten Karlsen Sørby, will assume the role as Chief Transformation Officer as soon as Rostrup joins Telenor. In his new role, Karlsen Sørby will work closely with the Group President & CEO to lead the ongoing transformation process Telenor has initiated to meet the new digital opportunities facing the company. Karlsen Sørby will be part of the Telenor Group Executive Management Team, and he will report to President & CEO Brekke.

“I am pleased that Jørgen Rostrup has decided to take on the position as Telenor Group’s new CFO. Jørgen has a strong background from managerial posts in some of Norway’s leading companies, both locally in Norway and globally from four continents. Both his exposure to international management and not the least his experience serving as CFO in Hydro for several years make him very well suited as our new CFO,” said Sigve Brekke, President and CEO of Telenor Group.

Jørgen Rostrup has more than 20 years’ business experience in an international context. His current position as President of Yara North America, Inc. follows a broad range of management positions in two of Norway’s leading companies, including Country Manager for Yara Ghana Ltd., CFO in Norsk Hydro AS, Executive Vice President Energy in Hydro and CFO for Hydro’s Norwegian oil and gas activity. Rostrup has also been on several boards, including positions within the private equity and investment banking area. Jørgen Rostrup holds a Master’s Degree in Economics and Business Administration from the Norwegian School of Economics (NHH).

“I am pleased to join one of the most successful global companies in Norway these last few decades. With my international background both in the finance and business development areas, and from significant exposure to governance and corporate responsibility issues, I look forward to making a valuable contribution to the management team in Telenor Group as well as to creating value for Telenor’s shareholders and ensure solid financial guidance,” said newly appointed EVP and CFO of Telenor Group, Jørgen Rostrup.

“I would like to thank Morten for his very valuable contribution as acting CFO in a challenging period for Telenor Group. I am also confident that Morten will take on his new responsibility with the same knowledge and energy as he has in several leading positions in the company. With his broad experience, both financially and operationally, he will play an important part for Telenor going forward,” said Sigve Brekke.

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