Svein Tore Holsether (39) held several positions in Elkem before he was appointed CFO of Elkem in 2005. He was CFO of Sapa from 2007 to 2010, before he was put in charge of Sapa's expansion in Asia as Business Area President, Sapa Asia and Middle East in 2010. He is currently Executive Vice President M&A at Orkla ASA.

 

- I am very pleased that Svein Tore Holsether is taking the position as CEO of Sapa. Svein Tore has in-depth knowledge of Sapa from his previous five years with the company, and he has the qualities and capabilities to meet the company's strategic and operational challenges going forward, says President and CEO of Orkla Bjørn M. Wiggen.

 

Svein Tore Holsether will assume his new position immediately.

 

- Over the last five years, Sapa has evolved from a European company to the global #1 player within aluminium profiles, through the incorporation of Alcoa's profiles business and the acquisition of Indalex. I know Sapa as a capable and ambitious organisation. Going forward, it will be important to realise synergies between the units and pull together in one direction. We have set clear operational targets for the company, and my foremost ambition will be to reach these targets, says Svein Tore Holsether.

 

Tim Stubbs leaves Sapa to assume a new position with Sun Capital in London. Sun Capital owned Indalex, where Tim Stubbs was CEO, before Sapa bought the company in 2009.

 

- Moving back to London is important for my family. It is, however, with regret that I leave Sapa after a relatively short time as CEO. I am confident that Svein Tore Holsether has all that it takes to lead Sapa in the years ahead, says Tim Stubbs.

 

Orkla ASA
Oslo, 1 September 2011

 

Ref.:

 

SVP Corporate Communications and Public Affairs
Johan Chr. Hovland
Telephone +47 22 54 44 86/+47 917 63 491

 

SVP Investor Relations
Rune Helland
Telephone +47 977 13250

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)