Grøholt to step down as Norske Skog chair

Lars Wilhelm Grøholt, chair of the board of Norske Skog, has today notified Idar Kreutzer, chair of the company's nomination committee, that he does not wish to seek re-election at the AGM to be held on 12 April.

Grøholt has been chair of Norske Skogindustrier ASA since 2002.

"These five years have seen declining earnings and a challenging market," he comments. "The past two years have been especially demanding for both the board and the executive management, with many difficult and important decisions for the company."

A new chief executive and corporate management team were appointed in 2006, and a substantial turnaround process launched to reach the company's financial targets.

"I'm confident that the turnaround is well under way, and firmly believe that the company will reach its goals to the benefit of shareholders and employees," says Grøholt.

"I feel the time is now ripe to bring in new resources on the board, and have therefore notified the chair of the nomination committee that I will not be seeking re-election."

Norske Skog
Corporate communications

Source: Norske Skog