Orkla ASA: makes Changes to its Group Executive Board

Oslo / NO. (ok) Jaan Ivar Semlitsch, CEO of Norway’s Orkla ASA, is making changes to Orkla’s Group Executive Board and group structure. Orkla Consumer + Financial Investments will become a new business area within Orkla. A separate group function is to be given responsibility for mergers and acquisitions (M+A) and strategy development.

The changes will take effect on 01 November 2019 and the new business area will have two parts:

• Consumer Investments, consisting of the Care Development Portfolio (Orkla House Care, Lilleborg and Pierre Robert), Kotipizza and Gorm’s
• Industrial and Financial Investments, consisting of Hydro Power, Real Estate, Venture and Orkla’s minority share in Jotun.

Orkla will comprise five business areas: Orkla Foods, Orkla Confectionery + Snacks, Orkla Food Ingredients, Orkla Care and Orkla Consumer + Financial Investments.

Kenneth Haavet (39) has been appointed to head Orkla Consumer + Financial Investments. He previously held the position of Principal in the private equity firm FSN Capital, with which has been associated since 2010. He also has valuable experience from the Macquarie Group, an Australian investment bank. He will take up his Orkla duties by 01 April 2020. Until Haavet begins, Terje Andersen will be responsible for the new business area. After 01 April, Andersen will lead Industrial and Financial Investments and report to Haavet.

Sverre Prytz (50) has been appointed Executive Vice President for M+A and Strategy. He has held management positions at BW Group, ADM Capital, DuPont and McKinsey. He will assume his new position on 01 December 2019. Orkla President and CEO Jaan Ivar Semlitsch will lead the M+A and Strategy group function until Sverre Prytz is in place.

Orkla’s Group Executive Board will consist of:

• Jaan Ivar Semlitsch, President and CEO
• Ann-Beth Freuchen, Orkla Foods (Nordics + Baltics)
• Johan Wilhelmsson, Orkla Foods (International)
• Jeanette Hauan Fladby, Orkla Confectionery + Snacks
• Johan Clarin, Orkla Food Ingredients
• Atle Vidar Nagel-Johansen, Orkla Care and Supply Chain
• Kenneth Haavet, Orkla Consumer + Financial Investments
• Jens Staff, Finance and IT
• Sverre Prytz, M+A and Strategy
• Christer Grønberg, Group Functions

Terje Andersen will be part of Orkla’s Group Executive Board until Haavet is in place.

Håkon Mageli will be part of Orkla’s expanded Group Executive Board and continue to report to Christer Grønberg.

Karl Otto Tveter will step down from Orkla’s Group Executive Board with effect from 01 November 2019 and report to Terje Andersen until 01 May 2020. He will then be associated with Orkla as a lawyer and adviser.