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Orkla’s Board of Directors decided yesterday to establish a new corporate
structure and management team.
“We want to establish a corporate structure and culture that creates greater
value and entails greater autonomy and responsibility for the individual
companies. Since Nils K. Selte took up the post of President and CEO on 11 April
this year, he has worked systematically on setting up the new structure, and I
am glad that we can now establish a new business and operating model,” says
Orkla Board Chairman Stein Erik Hagen.
Effective 1 March 2023, 12 independent portfolio companies will be established
in Orkla: Jotun (42.6% interest), Orkla Foods Europe, Orkla Food Ingredients,
Orkla Confectionery & Snacks, Orkla Health, Orkla Home and Personal Care, Orkla
India, Pizza Out of Home, Orkla House Care, Health and Sports Nutrition Group,
Pierre Robert Group and Lilleborg.
A Board of Directors will be established in each portfolio company, if such a
board does not already exist. The Boards of Directors will include external
Board members where appropriate. The Orkla group will maintain its ownership of
the Hydro Power energy business and the real estate investments in Orkla Real
Estate.
“Orkla is to be converted into a leading industrial investment company with a
brands and consumer-oriented scope. We will adopt a long-term, industrial
approach to the portfolio companies as active owners and will work through the
company boards. We will continue to build on the deep consumer insight and
experience that we have acquired in developing leading brands. At the same time,
we will pursue an active portfolio management policy, targeting rapidly growing
consumer segments and markets. In the time to come, we will adopt a more dynamic
approach to our portfolio, which will entail assessing acquisitions, joint
ventures, stock market listings and divestments of companies,” says President
and CEO Nils K. Selte.
Mr Selte will be joined in Orkla’s Group Executive Board by five EVPs who will
together form a single investment team: Maria Syse-Nybraaten, Audun Stensvold,
Øyvind Torpp, Atle Vidar Nagel Johansen and Hege Holter Brekke. Orkla’s Group
Executive Board will also comprise four EVPs with responsibility for key
corporate functions: Harald Ullevoldsæter (Finance & CFO), Christer Grønberg
(HR), Camilla T. Robstad (Legal & Compliance) and Håkon Mageli (Communications &
Corporate Affairs). The new Group Executive Board will be operational as from 13
December 2022.
Renewal of the management team:
Maria Syse-Nybraaten joined Orkla on 1 October, when she was appointed CEO of
the Orkla Consumer & Financial Investments business area. She previously served
as an investment professional at Ferd Capital, where she has held several key
positions since 2013, including responsibility for health investments in the
Nordics. She has broad experience of ownership follow-up and Board work in a
number of companies. Ms Syse-Nybraaten has also worked as an analyst in SEB.
Audun Stensvold has 12 years of experience in various management positions in
the Aker group. He has broad experience of ownership follow-up and Board work in
several of Aker’s portfolio companies, in addition to serving as project manager
for a variety of transactions. He most recently held the position of CEO of
Vinestor, a holding company for leading wine importers in the Norwegian market.
Mr Stensvold will take up his duties on 7 November.
Øyvind Torpp has 23 years of experience from BCG where he has been senior
partner since 2015. Mr Torpp has previously headed the Nordic consumer team at
BCG as well as BCG in Norway from 2014 - 2018. Mr Torpp has assisted European
consumer-oriented companies with growth strategies, change processes as well as
mergers and acquisitions. His latest position was that of Director in Canica. Mr
Torpp will take up his duties on 1 November.
“Our new management team is well equipped to lead Orkla into a new era and
ensure active ownership of the portfolio companies. I particularly want to
welcome Maria Syse-Nybraaten, Audun Stensvold and Øyvind Torpp as new members of
Orkla’s management. Together with Atle Vidar Nagel Johansen and Hege Holter
Brekke, both of whom have long experience at Orkla, the new investment team will
make an important contribution in our new operational model and to future value
creation,” says Nils K Selte.
As a result of these changes, Sverre Prytz will step down from Orkla’s
management team. He will continue to work with strategy and projects. Mr Prytz
will report to the President and CEO.
Orkla ASA
Oslo, 27 October 2022
Ref.:
EVP Communications and Corporate Affairs
Håkon Mageli, mob.: +47 928 45 828
SVP Investor Relations
Kari Lindtvedt, mob.: +47 950 75 114
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