Selvaag Bolig ASA - New CFO for Selvaag Bolig ASA

Sverre Molvik is to take over as chief financial officer for Selvaag Bolig ASA in succession to Haavard Rønning with effect from 1 October 2014.

Rønning is leaving at his own wish to pursue other career opportunities after serving as CFO in Selvaag Bolig since 2008 and with Selvaag Gruppen since 2004.

He has played a crucial role in building up Selvaag Bolig both before and after its stock exchange listing, and will remain with the company until 1 October to ensure continuity in the post.

"Rønning has made an outstanding contribution to our company for many years," says Baard Schumann, CEO of Selvaag Bolig.

"He has been a key member of the executive management team, and very important for our good progress.

"After 10 years in the Selvaag system, it is natural that he wishes to pursue other career opportunities, and we wish him every success in the future."

Schumann says Selvaag Bolig is very pleased to have a highly qualified successor in place at this early stage. "Molvik is already a key member of our management team, and very well qualified for the job of CFO.

"He possesses unique experience both of the industry and of management, and will be a very important resource for us in achieving our ambitious strategic and financial goals."

With an MSc in engineering and an MBA, Molvik has long experience of housing development. He has been vice president for portfolio management in Selvaag Bolig since 2010. Previous posts include CEO of Skanska Bolig and regional vice president at Peab Bolig.

Further information from

Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

Selvaag Bolig ASA is a residential property developer controlling the entire value chain from acquisition of land to sale of homes. The company has several thousand homes under development at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger and Trondheim. Selvaag Bolig represents a continuation of Selvaag's 60-year history and experience, and offers a broad variety of property types marketed under the brand names Start, Hjem and Pluss. The company is headquartered at Løren in Oslo.