Åge Korsvold to step down as Orkla President and CEO

The Board of Directors of Orkla ASA has been informed that Åge Korsvold (68) wishes to step down from his post as President and CEO.

Åge Korsvold was appointed Acting President and CEO on 30 April 2012, and his contract was extended by the Board of Directors in August of the same year. Since May 2012, under Mr Korsvold's leadership, Orkla has carried out significant structural changes in accordance with the strategy adopted by the Board in the autumn of 2011. The company is in the process of becoming a pure-play branded consumer goods company.

"During my tenure as President and CEO, Orkla has undergone a major reorganisation. Heading this work has been exciting and inspiring. The branded consumer goods business is now well positioned to tackle future challenges, and I find this an appropriate time to hand on the baton," says Orkla President and CEO Åge Korsvold.

The Board of Directors has begun the process of recruiting Mr Korsvold's successor. Both internal and external candidates will be considered. The Board will make an announcement as soon as this process has been concluded. In agreement with the Board, Åge Korsvold will remain in his position until a new President and CEO has been appointed.

"I would like to thank Åge Korsvold for his extraordinary efforts and the strength that he has brought to Orkla in implementing the restructuring process. Mr Korsvold has completed the demanding, but necessary restructuring in line with the company's strategy. The Group is now in a phase in which attention will be focused on the branded consumer goods business," says Stein Erik Hagen, Chairman of the Board of Directors of Orkla ASA.


Orkla ASA
Oslo, 2 January 2014

Contacts:
Board Chairman Stein Erik Hagen: +47 480 26 052
President and CEO Åge Korsvold: +47 905 20 200
Executive VP Håkon Mageli: + 47 928 45 828


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.