Noreco CEO Steps Down

Norwegian Energy Company ASA (Noreco) announced Tuesday that Tommy Sundt is stepping down as the company’s CEO, effective immediately.

As a result of the latest management changes, Noreco has stated that the board “will actively engage in the day-to-day management of the group of companies”. Silje Augustson, Noreco’s executive director, will take on the group CEO role and assume additional functions and responsibilities related to the daily operations of the group. Sundt will continue to fill the role as general manager for the Norwegian operations until the end of 2015.

Commenting on the management reshuffle, Noreco said in a statement on its website:

“Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the company. Whilst Mr Sundt’s role as CEO for the Noreco group will cease with effect from this announcement, Mr. Sundt will continue to fill the role as general manager for the Norwegian operations until the end of 2015. Mr. Sundt’s departure has been agreed with the board and Mr Sundt will receive severance payment in accordance with his contract.”

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