Changes to the executive management of the Storebrand group
As announced in connection with the publication of the Q3 interim report on 13 November, Finansbanken and Storebrand Bank are to be merged. The merger is planned to come into effect from 1 March 2003, subject to obtaining the necessary official approvals. The executive management group for the new Storebrand Bank ASA will formally assume responsibility when the merger comes into force. However the members of the group have been appointed now so that the group can start to work on formulating the bank's objectives and strategy and to manage the integration process.
The existing management teams of the two banks will continue to be responsible for the banking activities until the merger comes into force.
The executive management group for the new bank will be made up of: Per Kumle, Managing Director, Lars Aa. Løddesøl, Deputy Managing Director (CFO), Sverre Edin, Director (IT), Kirsti Harsvik, Director (Marketing/concepts), Arild Barreth, Director (Credit), Per Kjetil Lilleskare, Director (Legal/administration), Inge Andersen, Director, (Organisation/HR), Eli Longva, Director (Banking operations).
Lars Aa. Løddesøl, who is to be the Deputy Managing Director of the new bank, will continue to be responsible for Storebrand's group finance function.
Maalfrid Brath appointed as head of Storebrand Retail Distribution
Maalfrid Brath (37) is appointed as head of Storebrand Retail Distribution, and will take up this post with effect from 1 January 2003. This unit is to be established as part of the process of integrating Storebrand Bank and Finansbanken, and will be responsible for co-ordinating and managing the Storebrand group's sales and marketing for the retail market.
Ms Brath is currently Deputy Managing Director of Storebrand Livsforsikring and Managing Director of Storebrand Fondsforsikring. She has worked in a number of areas of the Storebrand group since 1995 and was involved in setting up Storebrand Fondsforsikring in autumn 1997. Ms Brath is an Authorised Public Accountant and MBA.
The new unit for Retail Distribution will ensure increased efficiency and profitability for Storebrand's activities in the retail market. The management of the new unit will review Storebrand's presence in this market and the total staffing involved, working on the basis that Storebrand intends to maintain a presence throughout Norway.
Storebrand's Executive Committee
Storebrand's Executive Committee is established as the group's central management forum. The Executive Committee is responsible for the group's strategic positioning and overall profitability, and ensuring optimal allocation of resources across the group's various activities. Maalfrid Brath has been appointed as member of the Executive Committee.
Following this appointment the members of the Executive Committee are Idar Kreutzer, CEO, Espen Klitzing, Managing Director - Life Insurance, Allan Åkerstedt, Managing Director - Investment Management, Per Kumle, Managing Director - Banking, Maalfrid Brath, EVP - Retail Distribution, Hans Henrik Klouman, EVP - Legal Affairs and Odd Arild Grefstad, EVP - Corporate Management. Kai Henriksen, Managing Director, will continue as a member of the Executive Committee until the merger of Storebrand Bank and Finansbanken comes into effect.
The following Executive Vice Presidents are responsible for business processes and technical functions across all the group's areas of activity: Lars Aa. Løddesøl - Finance and Risk Management, Grete Faremo - Corporate Relations, Erik Råd Herlofsen - Human Resources, Rolf Corneliussen - IT, Egil Thompson - Corporate Communications and Brand, Roar Thoresen - Strategic Projects.
Storebrand ASA
Oslo, 11 December 2002
Contact names:
Lars Aa Løddesøl, Executive Vice President, Finance: Tel.: +47 22 31 56 24 -
Mobile. +47 93 48 01 51
Egil Thompson, Director of Corporate Communications: Tel. +47 22 48 95 86 -
Mobile. +47 93 48 00 12