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Lund leaves Statoil and takes the reins of BG Group as CEO

15th October 2014

Statoil chief executive officer, Helge Lund, has decided to leave the Norwegian company and to become chief executive officer of BG Group

Lund leaves Statoil and takes the reins of BG Group as CEO
Prior to his 10 years as CEO of Statoil, Helge served as the CEO of Aker Kvaerner, an industrial conglomerate with operations in oil and gas and shipbuilding. He previously also served in the roles of deputy CEO and chief financial officer at the pharmaceutical division of Hafslund Nycomed, an industrial conglomerate

Over the past 10 years, Lund has led the transformation of Statoil into one of the world’s leading oil and gas companies. His decision to step down from Statoil to join BG Group has been announced today.

“BG Group is a company with a strong set of assets and opportunities,” said Lund. “I look forward to joining this organisation and working with BG’s people to develop the company’s full potential.”

Lund has resigned from Statoil with immediate effect. No severance will be paid beyond salary until the end of the notice period, 1 March 2015. In this period Helge Lund will be at the company’s disposal.

Statoil’s board of directors has appointed Eldar Sætre as acting president and CEO.

"I could have continued for a period, but there is a time for everything. Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change. I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one.”

Ahead of this appointment, the BG Group board undertook an extensive global search, led by company chairman Andrew Gould.

“Helge’s track record speaks for itself,” said Gould. “He has built a world-class exploration and production portfolio at Statoil, and the company is now widely admired for its technical expertise, financial performance and strong, values-based culture. Helge is ideally suited to lead BG Group in the next phase of its growth, and to accelerate the creation and delivery of value for our shareholders, while delivering the Group's business plans. The Board and I are delighted to have secured his appointment.”

 “BG Group has excellent prospects. We will have strong production growth and cash generation over the coming years from our projects in Brazil and Australia. To make the most of this potential, we need to build on our strengths in exploration and LNG and also become a world-class operator. The company needs a proven leader from the oil and gas industry to deliver the exceptional opportunities available to it. We will be consulting with our shareholders and we are confident that they will be supportive.” 

Prior to his 10 years as CEO of Statoil, Helge served as the CEO of Aker Kvaerner, an industrial conglomerate with operations in oil and gas and shipbuilding. He previously also served in the roles of deputy CEO and chief financial officer at the pharmaceutical division of Hafslund Nycomed, an industrial conglomerate.

"I would like to thank Helge Lund for his great efforts during his ten years tenure at Statoil," said Svein Rennemo, chairman of the Statoil board. “Under his leadership Statoil has become a stronger company. We have seen improved safety performance, significant international growth and a strong development on the Norwegian continental shelf. Exploration results and shareholder return have both been among the best in the industry and the company’s integrity and values are strengthened.”

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