Eldar Sætre appointed Statoil’s CEO

Statoil’s board of directors has appointed Eldar Sætre as new president and CEO.

Sætre has been acting as president and CEO since October, and assumes the role with immediate effect, the company said in a statement. He has 35 years’ experience from Statoil and the oil and gas industry.

Sætre has been a member of the Corporate executive committee since 2003. He started as CFO, and later became executive vice president for the business area Marketing, processing and renewable energy (MPR).

Sætre’s annual fixed salary will be 7.7 million NOK, whereof 5.7 will be pensionable income. He will participate in Statoil’s programs for annual variable pay and long-term incentives, as previously established for the CEO position and described in the board’s statement on executive remuneration.

Sætre will keep his existing pension agreement, which entails a right to resign at 62.

Eldar Sætre played a key role during Statoil’s IPO and the merger with Norsk Hydro’s oil and gas division.  He was responsible for the updated strategy for marketing of natural gas to the European market. He has also led the improvement work at Statoil’s onshore facilities.

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