Telenor will promote Sigve Brekke, head of the Norwegian group’s Asian operations, to CEO later this year.
Brekke will succeed Jon Fredrik Baksaas who announced last September that he would step down as CEO by the end of 2015, having led the telco…
Telenor will promote Sigve Brekke, head of the Norwegian group’s Asian operations, to CEO later this year.
Brekke will succeed Jon Fredrik Baksaas who announced last September that he would step down as CEO by the end of 2015, having led the telco for 13 years.
During Brekke’s tenure in charge of Telenor’s business in Asia, the operator added more than 100 million subscribers across the continent, which now represents 40% of the group’s enterprise value.
In a statement, Telenor chairman Svein Aaser said Brekke’s “leading role in our Asian success story combined with his vast international experience and leadership capabilities will be of great value as the company continues its profitable growth journey”.
Telenor boasts 192 million subscribers, the majority of which are in Asia.
Baksaas backed the appointment of Brekke: “The board of directors has found the perfect candidate to continue Telenor’s growth and value creation. We have worked closely for many years, and his knowledge of the business, customer focus and hands-on management style will ensure a great future for the company.”
Brekke will begin as CEO in August and have a base salary of around US$790,000 as well as being entitled to a long-term incentive grant of 30% of his annual base salary. His maximum annual bonus is 50% of annual base salary.
While Baksaas is stepping from the top job he has been contracted to work as a special adviser to Telenor throughout 2016. He will also continue as chairman of trade group the GSMA.
Aaser paid tribute to Baksaas by describing him as one of Norway’s most important industrial leaders in recent times and credited him with modernising and internationalising the incumbent, which is 54% state owned.
