Idar Kreutzer appointed Managing Director of Storebrand ASA
Kreutzer holds an MSc from the Norwegian School of Economics and Business Administration (NHH) and has been with the company since 1992, the last five years as Executive Vice President and CFO.
"Following a thorough process where both internal and external candidates were considered, an unanimous Board offered the position of Managing Director of Storebrand to Kreutzer. We are very pleased that Kreutzer has accepted the challenge. He has played a key role in Storebrand's development for many years", says Leiv L. Nergaard, Chairman of the Board.
Nergaard stresses that Kreutzer's work has been characterised by his high integrity, being businessminded and his analytical ability. "Through his work as Acting Managing Director the last few weeks he has demonstrated that he is the right person to lead Storebrand. Kreutzer has strong backing from the employees", says Nergaard.
"I have accepted the position as Managing Director because I have every confidence in the competence that our employees represent, the company's sound market position and the possibilities that are to be found in Storebrand's growth strategy. Through a motivated staff and satisfied customers we can create added shareholder values for our owners", comments Idar Kreutzer, Managing Director.
The main elements of Kreutzer's employment terms are:
* Salary: NOK 2.9 million
* Pension: member of Storebrand's pension scheme – ordinary terms
* Pay on termination of employment: 24 months after ordinary period of notice. All work-related income, including consultancy fees, is to be deducted.
* Company car
* Bonus scheme: Salary bonus based on the performance of the Storebrand share
Oslo, 22 December 2000
For further details please contact: <br>Egil Thompson, <br>Director of Corporate Communications, <br>telephone + 47 93480012 - + 47 22489586 <br> <br> The bonus scheme is designed in such a manner that the value of earnings corresponds to the difference between the actual share price on redemption and the allotment price for 500,000 units. The allotment price is set at the average quoted price the last week (week 51-2000) and will be adjusted upwards by 10 per cent per annum less the effect of any dividend paid. Redemption cannot be made before 1 January 2004 or after 31 December 2004. Any capital gains will be taxed as earned income.