Norwegian Energy Company (Noreco) has confirmed that chief executive Tommy Sundt is stepping down, with immediate effect.
Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the company.
Silje Augustson, as executive director, will take on the group CEO role and assume additional functions and responsibilities related to the daily operations of the group.
Noreco said Sundt will continue to fill the role as general manager for the Norwegian operations until the end of 2015. Sundt’s departure has been agreed with the Board and he will receive severance payment in accordance with his contract.
The board will actively engage in the day-to-day management of the group of companies.
The company said RiuIf Rustad will formally take over the role as chairman from Silje Augustson who will continue as a board member alongside Julien Balkany.
Noreco will be led from Nedre Vollgate 1 in Oslo, while Noreco Norway will maintain its Stavanger presence.