Recommendation from Statoil's nomination committee

GlobeNewswire

Stavanger, Norway, June 3, 2014 (GLOBE NEWSWIRE) -- The nomination committee in Statoil (OSE:STL, NYSE:STO) recommends that the company's corporate assembly elects OEystein Loeseth as new members of Statoil's board of directors.

Furthermore, the nomination committee recommends the re-election of Svein Rennemo (chair), Grace Reksten Skaugen (deputy chair), Bjoern Tore Godal, Maria Johanna Oudeman, Jakob Stausholm, Catherine Hughes and James Mulva as members of the board of directors.

OEystein Loeseth is a Norwegian citizen. OEystein Loeseth has significant managerial experience in the energy sector, with particular expertise and experience from the European energy market.Since 2010, Loeseth has been appointed as the CEO, and before that as a First Senior Executive Vice President since 2009, of Vattenfall AB, one of Europe's largest energy companies. In the period 2003 - 2009, Loeseth worked for NUON, the Dutch energy company, first as Division Managing Director, then as a Managing Director and the CEO, from 2005 and 2008 respectively. Prior to this, Loeseth was the Head of Production, Business Development and R&D of Statkraft from 2002 to 2003. In addition, he has other extensive management experience from Statkraft and Statoil, within strategy and business development among others. He graduated as M.Sc. from the Norwegian University of Science and Technology and as B.Sc. in Business Management from BI Norwegian School of Management in Bergen.

The election to Statoil's board of directors takes place in the company's corporate assembly Tuesday 10 June 2014. For the board members running for re-election, it is proposed that the election enters into effect from 1 July 2014 until the next ordinary election of shareholder-representatives to the board of directors in 2015. For OEystein Loeseth, it is proposed that the election enters into effect from 1 October 2014, as he will from this date leave his position as President and CEO of Vattenfall AB. Also, for OEystein Loeseth, it is proposed that the election is effective until the next ordinary election of shareholder-representatives to the board of directors in 2015.

Further information:

Press
Jannik Lindbaek Jr., vice president for media relations,
Tel: +47 97 75 56 22

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

HUG#1790194

View photo

.

Contact:

                

Rates

View Comments (0)