Statoil’s board of directors and Chief Executive Officer Eldar Sætre have agreed that Sætre remains the company’s CEO after he turns 62 in February 2018, and will not use his contractual right to retire at that age.
“It has been a wish from the board of Statoil that Eldar Sætre continues as CEO,” Jon Erik Reinhardsen, the chair of Statoil’s board of directors, said. “He is the right person to continue developing Statoil as a broad energy major, with a clear strategy for safe operations, high value creation and a low carbon future.”
Statoil appointed Sætre as chief executive on 4 February 2015, after being acting CEO since 2014.
“I am proud of Statoil’s achievements, and believe we are well equipped for the future,” said Sætre. “We are strengthening our position as an operator in attractive areas outside Norway, and have started to build a significant portfolio in renewable energy. Statoil has delivered competitive returns, and is well positioned to create substantial shareholder value also in the future.”
“I look forward to continuing to lead this company as we continue our journey,” Sætre concluded.
Under his individual pension agreement Sætre had the right to retire at the age of 62, after only three years as CEO. At that time, an element of his fixed pay was excluded from his pensionable earnings. Now that there is agreement to a longer time frame, the board has decided to revert to the original provision of pension being calculated on total fixed pay. The fixed pay element, around NOK 2.4 million today, will thus be included in the pension-qualifying income.
Sætre will retire when he turns 67 the latest, but still holds the right to retire at an earlier age.