Eldar Sætre Stays with Statoil as CEO

Statoil’s board of directors and chief executive officer Eldar Sætre have agreed that Sætre will continue as CEO after he turns 62 in February 2018. Eldar Sætre will thus not use his contractual right to retire at the age of 62. 

“It has been a wish from the board of Statoil that Eldar Sætre continues as CEO. As CEO, Eldar has successfully implemented important changes within Statoil. He has led the company through a challenging period for the industry, making Statoil a stronger company. He is the right person to continue developing Statoil as a broad energy major, with a clear strategy for safe operations, high value creation and a low carbon future,” said Jon Erik Reinhardsenl, the chair of Statoil’s board of directors.

Sætre was appointed chief executive on February 04, 2015, after being acting CEO since 2014.

“I am proud of Statoil’s achievements, and believe we are well equipped for the future. We have high project activity and are further developing the Norwegian continental shelf. We are strengthening our position as an operator in attractive areas outside Norway, and have started to build a significant portfolio in renewable energy. Statoil has delivered competitive returns, and is well positioned to create substantial shareholder value also in the future. I look forward to continuing to lead this company as we continue our journey,” said CEO Eldar Sætre.

Under his individual pension agreement Sætre had the right to retire at the age of 62, after just three years as chief executive. At that time, an element of his fixed pay was therefore excluded from his pensionable earnings. Now that there is agreement to a longer timeframe, the board has decided to revert to the original provision of pension being calculated on total fixed pay.

The fixed pay element, which represents around NOK 2.4 million, will thus be included in the pension-qualifying income. Sætre will at the latest retire when he turns 67, but he retains the right to retire at an earlier stage, Statoil explained.