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Norway's Orkla changes CEO, to give each business more autonomy

Published 11/04/2022, 07:18
Updated 11/04/2022, 07:20
© Reuters.

© Reuters.

OSLO (Reuters) - Orkla Chief Executive Officer Jaan Ivar Semlitsch will step down with immediate effect and will be replaced by veteran board member Nils Selte, the Norwegian producer of food and other consumer goods said on Monday.

Selte, a non-executive member of Orkla's board since 2014, will be asked to speed up the group's transformation, the company said, adding that it will seek to create more value for shareholders by giving individual businesses greater autonomy and responsibility.

"We are now entering a phase that calls for a new form of leadership," said Orkla board Chair Stein Erik Hagen, who is also the group's largest shareholder.

Meanwhile, Selte in a statement said the company will adopt a more dynamic approach to its portfolio, without reducing focus on its biggest markets and categories.

"We will also be open to disposals, partnerships or stock exchange listing of businesses if we find this expedient," he said.

Orkla businesses in the Nordic and Baltic region as well as central Europe and India have around 21,500 employees, making products ranging from frozen pizzas and snacks to toothbrushes and detergents.

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