Statoil names Jannik Lindbaek new chairman

Norway's Statoil ASA said the corporate assembly unanimously elected Jannik Lindbaek as its new chair and elected Kaci Kullmann Five deputy chair. She has served as acting chair for several weeks.

Nov. 3, 2003

By OGJ editors
HOUSTON, Nov. 3 -- Norway's Statoil ASA said the corporate assembly unanimously elected Jannik Lindbaek as its new chair and elected Kaci Kullmann Five deputy chair. She has served as acting chair for several weeks.

Statoil Pres. and CEO Olav Fjell resigned in the wake of the corruption allegations involving Statoil's dealings with Horton Investment, an Iranian firm. Chairman Leif Terje Løddesøl also resigned. Meanwhile, Inge K. Hansen, now serving as Statoil's chief financial officer, was named the company's acting CEO (Sept. 29, 2003, p. 42).

Lindbaek is the former CEO of Storebrand Group, managing director of Nordic Investment Bank, and vice-president of World Bank Group.