Statoil CEO Olaj Fjell resigning
By OGJ editors
HOUSTON, Sept. 23 -- The Statoil ASA board and Statoil Pres. and CEO Olav Fjell Tuesday jointly announced that Fjell will resign in the wake of the corruption allegations involving Statoil's dealings with Horton Investment, an Iranian firm.
Meanwhile, Inge K. Hansen, chief financial officer, was named as acting chief executive officer.
Chairman Leif Terje Løddesøl announced his resignation Monday.
In addition, Statoil hired Ernst & Young Global to review all existing consultancy agreements for international business development.
On Monday, Statoil's board met to obtain more details regarding the consultancy agreement on business development in Iran.
The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime has accused Statoil of corruption regarding a June 2002 contract with Horton Investment (OGJ, Sept. 22, 2003, p. 41).
Stig Bergseth, Statoil's senior vice-president for health, safety and the environment, David Platts, head of group security, and Svein Andersen, senior vice-president, corporate audit, briefed the board.
In addition, the board and Fjell agreed that Fjell will step down "in order to normalize the situation within and around the group." In accordance with his contract, Fjell will be paid 2 years salary on resigning.
"Statoil is a strong company with great opportunities," Fjell said. "I hope my departure will help to ensure that the work force can again concentrate all their energies on its further development."
A board spokesman said, "Statoil's international ambitions will be retained with high ethical standards. It is fully possible for the group to succeed internationally without becoming involved in activities, which lie in a borderland as regards ethical norms and rules."