Norwegian telecom major Telenor Group today said it has appointed Sigve Brekke President and Chief Executive Officer (CEO) effective August 17, 2015. He will succeed Jon Fredrik Baksaas.
Currently, Brekke is the Executive Vice-President and Head of Telenor Group’s Asia operations. He joined Telenor in 1999 and has held several executive positions in the company since then.
Baksaas steps down after 13 years as the company President and CEO. In September 2014, he extended his tenure for another year, until the end of 2015.
The company said Baksaas will continue as advisor to the Board of Directors until the end of 2016 and will serve as Chairman of GSMA, the global industry organisation for mobile operators.
“Sigve Brekke has a solid track-record as the Head of Telenor’s Asia operations and part of Group Management since August 2008,” Chairman of the Board of Directors in Telenor Group Svein Aaser said in a statement.
The statement added that under Brekke’s leadership, Telenor has added more than 100 million subscribers in Asia and the region now represents more than 40 per cent of the total enterprise value of the Telenor Group. “It is a great honour to be asked to lead Telenor.
Telenor’s strategy, including our financial priorities, forms a solid platform for value creation for our shareholders and continued growth in Norway, Europe and Asia,” Brekke said.
Brekke’s annual base salary will be NOK 5.9 million. In addition, he will be entitled to a long-term incentive grant of 30 per cent of his annual base salary. His maximum annual bonus is 50 per cent of annual base salary and the retirement age is 65 years, the company said.