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Jrgen Rostrup to join Norwegian incumbent in November from fertilizer maker Yara.
Telenor on Tuesday named Jørgen Rostrup as its new permanent CFO, replacing Richard Olav Aa, who resigned following the VimpelCom corruption case.
Rostrup will take up his new role in November, joining from fertilizer maker Yara, where he served as president of its North America business. Before that he was country manager for Yara Ghana, and he has also served as CFO of Yara’s former parent, aluminium company Norsk Hydro.
"Jørgen has a strong background from managerial posts in some of Norway’s leading companies, both locally in Norway and globally from four continents. Both his exposure to international management and not the least his experience serving as CFO in Hydro for several years make him very well suited as our new CFO," said Telenor CEO Sigve Brekke, in a statement.
"I look forward to making a valuable contribution to the management team in Telenor Group as well as to creating value for Telenor’s shareholders and ensure solid financial guidance," added Rostrup.
Telenor’s acting CFO Morten Karlsen Sørby will become chief transformation officer, working with Brekke on the company-wide transformation from a telco to a digital lifestyle enabler.
Karlsen Sørby stepped into the CFO role on a temporary basis in November 2015, after finance chief Richard Olav Aa was suspended along with general counsel Pål Wien Espen amid an investigation into Telenor’s links with VimpelCom, which stood accused of corruption in Uzbekistan.
While an independent report published by Deloitte in April found no evidence that Telenor executives had engaged in corrupt or illegal practices, Aa and Espen resigned.
Last month, Aa was appointed CFO of Norwegian shipping company Fred. Olsen & Co.
