OSLO, NORWAY: Orkla ASA Board of Directors has appointed Nils K. Selte as new Group President and CEO. Orkla is a quantity one provider of branded consumer items and idea options to the consumer, out of home and bakery market within the Nordics, Baltics and chosen markets in Central Europe and India.
Selte succeeds Jaan Ivar Semlitsch, who has headed the Group since August 2019. Mr Selte will take up his place on eleven April 2022.
“Jaan Ivar Semlitsch has led the firm through the difficult time of pandemic, throughout which Orkla has managed to maintain its good supply efficiency and money flow. Orkla has made good progress in prioritized growth areas and carried out a variety of strategic acquisitions,” says Orkla Board Chairman Stein Erik Hagen.
“I need to thank the Board of Directors and Board Chairman for our collaboration. I would additionally like to thank the Group Executive Board and all of the competent employees in Orkla who’ve persevered over a prolonged interval of time throughout the pandemic and now additionally throughout the invasion of Ukraine, which has required and nonetheless requires extraordinary efforts across the clock. Orkla has done well, even in these difficult times with elevated uncooked supplies prices. Moreover, good structural changes have been made, as I see it, in a quantity of enterprise areas throughout this period. There has naturally been extra focus on operations throughout such extraordinary times, and Orkla’s values have remained rock solid: Trustworthy, courageous and inspiring. This is an Orkla that’s well equipped for the future,” states Jaan Ivar Semlitsch.
“We are now entering a phase that requires a brand new type of leadership. Orkla’s Board of Directors and Mr Semlitsch have agreed that a change of management will be in Orkla’s best interests. The technique communicated on Orkla’s Capital Markets Day on 23 November final year stays the same, however the Board needs to speed up its implementation. We need to set up a firm construction and tradition that creates greater worth and gives the person companies greater autonomy and responsibility. Nils K. Selte is aware of Orkla well. He has prolonged expertise of main main restructuring processes and developing portfolio companies,” says Stein Erik Hagen.
Nils K. Selte has been employed in Stein Erik Hagen’s- household firm Canica since 2001, as each CFO and CEO. Mr Selte has been a member of Orkla’s Board of Directors since 2014, along with chairing Orkla’s Audit Committee within the identical period.
“In the time to come we will undertake a extra dynamic approach to our portfolio, with out reducing our focus on our biggest markets and categories. We will even be open to disposals, partnerships or inventory exchange itemizing of companies if we discover this expedient,” says Nils K. Selte.
Atle Vidar Nagel Johansen has on the identical time been appointed Executive Vice President in cost of Orkla’s branded consumer items business, which will consist of 4 enterprise areas: Orkla Foods, Orkla India, Orkla Confectionery & Snacks and Orkla Care. He will report back to the Group President and CEO.
“I am glad that Atle Vidar Nagel Johansen has agreed to head our branded consumer items business. These are difficult times, when the situation in Ukraine will impact on each the availability and costs of a variety of uncooked supplies and different enter factors. Moreover, we’re seeing a surge in energy costs from an already excessive level. We additionally expect that a prolonged battle will create greater uncertainty and imbalances in global flows of goods,” Mr Selte says.
Mr Nagel Johansen has been at Orkla since 1993 and has been a member of the Group Executive Board since 2012. A new CEO will be appointed for Orkla Foods. Ingvill T. Berg and Hege Holter Brekke will report back to Mr Nagel Johansen and can proceed to head Orkla Confectionery & Snacks and Orkla Care, respectively. Orkla India will become a separate enterprise area, and can proceed to be headed by Sanjay Sharma.
“I look ahead to main Orkla’s branded consumer items enterprise going forward. We have very solid organisations and strong market positions that may and can be additional developed. It will be important to extend our tempo of growth and obtain our targets, each in our core companies and in precedence areas such as plant-based merchandise and consumer health. In the current extraordinarily difficult situation in our provide markets, it will be essential to maintain a good supply efficiency and address the substantial cost will increase that we’re now beginning to see,” says Atle Vidar Nagel Johansen.
Orkla Food Ingredients and Orkla Consumer & Financial Investments will be separate enterprise areas under the continued management of Johan Clarin and Thomas Ljungqvist, respectively. Both of them will report back to the Group President and CEO.
A convention name will be hosted today at 14:00 CEST with Group President and CEO Nils K. Selte. Dial-in particulars can be discovered within the occasion calendar on the investor pages at www.orkla.com. Participants are inspired to join the convention name 5-10 minutes previous to scheduled begin time due to pre -registration.
Orkla is listed on the Oslo Stock Exchange and its headquarters are in Oslo, Norway. In 2021, the Group had a turnover of NOK 50.4 billion and has roughly 21,500 employees.
www.orkla.com