Baksaas resigns as Telenor CEO, Sigve Brekke to succeed

Telenor Group today announced that Jon Fredrik Baksaas has resigned as the company president and chief executive officer.

The Group also announced the appointment of Sigve Brekke as the new Group President and CEO. He will assume charge on 17 August 2015.

At present, Brekke is the executive vice president and head of Telenor Group’s Asia operations.

He joined Telenor in 1999 and has held several executive positions in the company since then.

“It is a great honour to be asked to lead Telenor. Our company’s Norwegian and international success is a result of Telenor Group’s ability to provide digital communication services that are valuable to our customers,” said Brekke.

Telenor CEO Sigve Brekke

Baksaas steps down after 13 years as the company President and CEO.  He will continue as advisor to the Borad of Directors until the end of 2016 and will serve as chairman of GSMA, the company said.

“To lead Telenor during a period of rapid growth and major technological changes has been both exciting and rewarding. In Sigve Brekke, the Board of Directors has found the perfect candidate to continue Telenor’s growth and value creation,” said Baksaas.

Sigve Brekke’s annual base salary will be NOK 5.9 million. He will also be entitled for a long-term incentive grant of 30 percent of his annual base salary.

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