Eldar Sætre to continue as Statoil’s CEO

10/20/2017

STAVANGER -- Statoil’s board of directors and chief executive 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.

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Statoil CEO Eldar Sætre. Photo: Statoil.

“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”, says the chair of Statoil’s board of directors, Jon Erik Reinhardsen.

Sætre was appointed chief executive on Feb. 4, 2015, after being acting CEO since 2014.

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 today 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.

 

 

 

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