Statoil to switch CFO, reorganize for development

* To replace four executive committee positions

* To establish North America division

* Changes to take effect from January 1, 2011

* Says strategy remains firm

OSLO, Aug 19 (BestGrowthStock) – Norwegian oil and gas producer
(STL.OL: ) said it will change its chief financial officer and
replace four positions on its executive committee in a
organizational restructuring to support its global growth plans.

“The new organisation will reflect the ongoing globalisation
of Statoil, leverage the position on the Norwegian Continental
Shelf and simplify internal interfaces to support safe and
efficient operations,” the company said in a statement on

Under the changes effective from next year, Statoil’s
current Chief Financial Officer Eldar Saetre will take charge of
a new division for Marketing, Processing and Renewable Energy in
Stavanger, and continue in the corporate executive committee
(CEC), Statoil said.

The company will also establish development and production
in North America as a separate business area to reflect the
importance of the region.

“The new team balances renewal with continuity, increases
diversity and creates new opportunities for the next generation
of leaders,” CEO Helge Lund said in the statement, adding that
those exiting the committee would continue in new roles.

Rune Bjoernson, the current head of Natural Gas, Jon Arnt
Jacobsen, head of Manufacturing and Marketing, Gunnar Myreboe,
head of Projects and Procurement and Helga Nes, head of Staff
functions and corporate services, will be replaced in the CEC.

Torgrim Reitan, currently the head of Statoil’s natural gas
area’s Trading and Operations department in London, will replace
Saetre as CFO.

“The announced changes in the corporate structure are growth
and development driven, and will not result in redundancies,”
Statoil said.

“Our strategy remains firm,” Lund said. “We will take out
the full potential of the Norwegian Continental Shelf, build
international growth platforms and gradually strengthen our
position within renewable energy.”
(Reporting by Richard Solem; Editing by Hans Peters)

Statoil to switch CFO, reorganize for development