Change at the top for ODIM ASA

(Hareid, 27 July 2009): Jogeir Romestrand has decided to step down as CEO of ODIM ASA after 24 years with the company. Arild Hatløy has been appointed acting CEO.

Born in 1961, Hatløy has been with ODIM since 1992 and has served as chief financial officer of the company since 2003. "Under Jogeir Romestrand’s dynamic leadership, ODIM has become renowned for its bold combination of innovation and operational development," says Karl Erik Kjelstad, chair of ODIM ASA. The board wishes to express its appreciation of the big contribution made by Romestrand to developing the company, he adds. “With Rolls Royce as a new major shareholder, we’re definitively entering a new phase and I think the time is right for a change of leadership,” comments Romestrand. "I’ve enjoyed 24 fabulous years here, and am proud to have headed a team which has multiplied shareholder value sevenfold. Together we’ve developed ODIM into a global player and a leader in its core markets.” Hatløy has been appointed acting CEO with immediate effect, while retaining his current role as CFO. "Arild Hatløy has a solid industry track record and in-depth knowledge of ODIM through his 17 years with the company, and the board is very pleased that he has agreed as its acting CEO," says Kjelstad. Romestrand will continue to work for ODIM in an advisory capacity for a time in order to ensure a smooth transition. Meanwhile, the board will immediately start the process of appointing a new permanent CEO for ODIM ASA. More about Arild Hatløy: Hatløy has worked in ODIM since 1992 as finance manager and vice president. He also has experience from Aker Exclay as controller and from Leca Portugal Ltd as finance director. He has previously worked for accountants Ernst & Young. Hatløy is a Norwegian citizen and resides in Haddal, Norway.