Effective immediately, Tommy Sundt is stepping down as CEO of Norwegian Energy Co. ASA (Noreco). Sundt will, however, continue to fill the role as general manager for the Norwegian operations until the end of 2015.
Since joining Noreco in September 2014, Sundt has played a very important role during the financial and corporate restructuring of the company. Sundt’s departure has been agreed with the board and Sundt will receive severance payment in accordance with his contract.
The board of Noreco will continue to lead the strategic initiatives and with Sundt stepping down, the board will actively engage in the day-to-day management of the group of companies. In particular, Riulf Rustad will intensify his efforts with the board work, and Silje Augustson will, in her capacity as executive director, take on the group CEO role and assume additional functions and responsibilities related to the daily operations of the group.
In addition to these management changes the board and the nomination committee have agreed that, at the next general meeting, a proposal will be made to reshuffle the board roles. Specifically, it will be proposed that Rustad will formally take over the role as chair of the board from Augustson who will continue as a board member alongside Julien Balkany.
Noreco ASA will henceforth be led from Nedre Vollgate 1 in Oslo, while Noreco Norway will maintain its Stavanger presence.
Image: Tommy Sundt/Noreco