Harald Norvik is stepping down as chairman of Norwegian incumbent Telenor, after its majority government shareholder expressed a lack of confidence in him.
Earlier this year, Norvik was cited criticising Trond Giske, Norway’s Trade and Industry…
Harald Norvik is stepping down as chairman of Norwegian incumbent Telenor, after its majority government shareholder expressed a lack of confidence in him.
Earlier this year, Norvik was cited criticising Trond Giske, Norway’s Trade and Industry Minister, for unduly pressuring Telenor’s independent board to not sell its stake in local commercial broadcaster TV2 to Denmark’s Egmont International Holding.
The Norwegian government owns 54% of Telenor, and reports suggest Giske had sought to keep TV2 under a Norwegian owner. Egmont later acquired the stake for a reported US$349m.
In a brief statement today to announce his plans to step down from Telenor’s board, Norvik said: “The Minister of Trade and Industry, Mr. Trond Giske, representing the majority shareholder in Telenor ASA, today expressed a lack of confidence in the chairman of Telenor, following the handling of the TV2 issue in January this year. I have therefore decided to step down as Chairman in Telenor.”
Telenor said Norvik, who has served as chairman since 31 May 2007, will remain in the role until a suitable replacement can be found.
