Statoil Elects Øystein Løseth As New Chair And Roy Franklin As Deputy Chair

(RTTNews) - Statoil (STO) said Wednesday that it elected Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of Statoil's board of directors.

Chair of the board Svein Rennemo and board member Jim Mulva had in advance informed the nomination committee that they did not wish to stand for re-election in 2015.

Bjørn Tore Godal, Jakob Stausholm and Marjan Oudeman were re-elected as members of the board of directors.

Board member Rebekka Glasser Herlofsen, who was elected to the board from 19 March 2015, has been elected until the ordinary election of shareholder-elected members to the board of directors in 2016.

Øystein Løseth has been a member of Statoil ASA's board of directors since 1 October 2014 and is a member of the board's audit committee. Løseth has significant top managerial experience in the energy sector, with particular expertise and experience from the European energy market. He worked in Vattenfall AB from 2009 to 2014, first as an Executive Vice President and then as the company's Chief Executive Officer from 2010. In the period 2003 - 2009, Løseth worked for the Dutch energy company NUON, first as Division Managing Director, then as Managing Director and Chief Executive Officer.

Roy Franklin was a member of the board of directors of StatoilHydro from October 2007, and Statoil's board of directors from November 2009 until June 2013. He has previously been the chair of both the board's safety, sustainability and ethics committee and the board's audit committee. Franklin has broad leadership experience from the oil and gas industry, including from BP, Paladin Resources and Clyde Petroleum.

The election enters into effect from 1 July 2015 and until the ordinary election of shareholder-elected members to the board of directors in 2016.

In addition, the corporate assembly re-elected Lill-Heidi Bakkerud, Ingrid Di Valerio and Stig Lægreid as employee-elected members of Statoil's board of directors. Per Steinar Stamnes, Per Gunnar Stavland og Kjetil Hansen Melvær (with this priority) were elected as deputy members for the employee-elected board members.

The employee-elected members to the board of directors enters into effect from 1 July 2015 and the members have been elected for a period of two years.