Equinor (OSE: EQNR, NYSE: EQNR) proclaims adjustments within the company construction and the Company Govt Committee (CEC).
“Equinor is growing as a broad vitality firm. We are actually making adjustments to additional strengthen our capability to ship on our at all times protected, excessive worth, low carbon technique. These adjustments will assist improved worth creation from our world-class oil and fuel portfolio, accelerated worthwhile progress inside renewables and the event of low carbon options,” says Anders Opedal, President and CEO of Equinor.
Organisational construction
The brand new company construction will include six enterprise areas and 5 company centre items. The present organisational construction will stay in place till the deliberate implementation takes impact by 1 June 2021.
Enterprise Areas:
Exploration & Manufacturing Norway (EPN) and Exploration & Manufacturing Worldwide (EPI) are established as two new enterprise areas. They’ll proceed aggressive and resilient oil and fuel exploration and manufacturing, with industry-leading unit prices, restoration charges and carbon effectivity. Equinor is nicely positioned with world-class property in engaging areas. Two consolidated oil and fuel enterprise areas will assist a centered method to strengthen worth creation and scale back emissions.
Renewables (REN) continues as a enterprise space, renamed from New Vitality Options (NES), aiming to speed up worthwhile progress inside renewables. It’s going to report as a separate section from the primary quarter of 2021.
Equinor is establishing Expertise, Digital & Innovation (TDI) as a separate enterprise space, whereas Initiatives, Drilling & Procurement (PDP) will turn out to be a extra centered enterprise space. Expertise, digitalisation and innovation are basic enablers to enhance security, enhance worth creation, scale back emissions and develop low carbon options. Gathering items in a brand new TDI enterprise space will unlock alternatives each inside oil and fuel, renewables and low carbon options.
Advertising, Midstream & Processing (MMP) is unchanged as a enterprise space.
Company centre items:
The Company Finance Organisation (CFO) can even embrace items for technique, mergers & acquisitions and enterprise improvement.
Security, Safety & Sustainability (SSU) shall be established as a brand new practical space.
Authorized & Compliance (LEG), Communication (COM) and Individuals & Organisation (PO) will stay as practical areas.
The introduced adjustments within the company construction will assist steady enchancment and scale back the general variety of management positions however doesn’t in itself result in redundancies.
Company Govt Committee
“The adjustments within the CEC workforce replicate mixture of continuity and renewal, range and expertise from throughout Equinor and the {industry}. With this new workforce and a extremely competent organisation, we’re able to take Equinor ahead collectively,” says Opedal.
Equinor’s Company Govt Committee shall be as follows from 1 June 2021:
- President and Chief Govt Officer (CEO) Anders Opedal.
- Chief Monetary Officer (CFO), Govt Vice President (EVP) Svein Skeie (Performing).
- Exploration & Manufacturing Norway (EPN), EVP Kjetil Hove.
- Exploration & Manufacturing Worldwide (EPI), EVP Al Cook dinner.
- Advertising, Midstream & Processing (MMP), EVP Irene Rummelhoff.
- Renewables (REN), EVP Pål Eitrheim.
- Initiatives, Drilling & Procurement (PDP), EVP Arne Sigve Nylund.
- Expertise, Digital & Innovation (TDI), EVP Carri Lockhart.
- Security, Safety & Sustainability (SSU), EVP Jannicke Nilsson.
- Authorized & Compliance (LEG), EVP Siv Helen Rygh Torstensen.
- Individuals & Organisation (PO), EVP Ana Fonseca Nordang.
The Senior Vice President (SVP) for Communication (COM) will report back to the CEO and take part within the CEC as right this moment. Jannik Lindbæk is appointed SVP COM from 1 January 2021.
The Company Govt Committee shall be based mostly in Norway.
The organisation construction will stay the identical as it’s right this moment with just a few key changes to make sure continuity and protected operations by way of the transition interval from 1 January 2021 to 1 June 2021.
- Kjetil Hove will step into the function as EVP Improvement & Manufacturing Norway (DPN) from 1 January 2021.
- Al Cook dinner will step into the function as EVP Improvement & Manufacturing Worldwide (DPI), and the present Improvement & Manufacturing Brazil (DPB) and World Technique & Enterprise Improvement (GSB) shall be a part of DPI from 1 January 2021.
- Arne Sigve Nylund will step into the function as EVP Expertise, Initiatives and Drilling (TPD) from 1 January 2021.
As beforehand introduced, EVP Margareth Øvrum will retire 31 December 2020 and SVP Reidar Gjærum will step right into a Senior Advisor function within the CEO Workplace 1 January 2020. Geir Tungesvik, who has been performing as government vp for Expertise, Initiatives, and Drilling (TPD) will return to his function as senior vp of Initiatives (PRD) 1 January 2021. Tore Løseth will proceed as performing EVP for Exploration till 1. June 2021.
EVP Torgrim Reitan has determined to step down as EVP Improvement & Manufacturing Worldwide to tackle a brand new place inside Equinor. He has been a member of the CEC since 2011 as Chief Monetary Officer, EVP for Improvement & Manufacturing USA and EVP for Improvement & Manufacturing Worldwide. From 1 January 2021, he’ll tackle the function as SVP Finance & Management within the Renewables enterprise space, supporting the ambition to speed up worthwhile progress in renewables.
“I wish to thank Torgrim for his robust contributions as a member of the manager management workforce for a decade. It was underneath his management forceful actions have been taken to enhance profitability, enhance security efficiency and resolve inner management issues within the US enterprise. His expertise and competence shall be an incredible asset to additional speed up and realise our ambitions inside renewables in Equinor. I might additionally prefer to thank Geir for his contribution to the CEC as performing EVP for TPD,” says Opedal.
Carri Lockhart is a U.S. citizen and joined Equinor in 2016. She comes from the place as Senior Vice President Portfolio & Associate Operated in Improvement & Manufacturing Worldwide, which she has held since August 2018.
Previous to this, Lockhart was Senior Vice President for Equinor’s U.S. Offshore enterprise. Lockhart began her profession with Marathon Oil as a reservoir engineer in Anchorage, Alaska. Lockhart has held quite a lot of management roles throughout the upstream group with expertise in offshore, onshore standard and unconventional property, subject supervision, services building and operations, worldwide nation administration, strategic planning and enterprise improvement.
Lockhart has a Bachelor of Science diploma in Petroleum Engineering from Montana Faculty of Mineral Science and Expertise.
Kjetil Hove is a Norwegian citizen and joined Norsk Hydro in 1991. He comes from the place as Senior Vice President Area Life Extension, which he has held since January 2020.
Previous to this, Hove was Senior Vice President for Operations Expertise in Improvement & Manufacturing Norway. Hove began his profession in Norsk Hydro inside petroleum expertise holding numerous positions inside exploration, subject improvement and operations in Norway. Hove has held quite a lot of management roles, together with Vice President worldwide enterprise improvement, nation supervisor Brazil, and Senior Vice President Operations West in Improvement & Manufacturing Norway.
Hove has a grasp’s diploma in petroleum engineering from Norwegian College of Science and Expertise (NTNU).
Jannik Lindbæk is a Norwegian citizen and joined Equinor in 2010. He comes from the place as Vice President Company Communication Political & Public Affairs Norway, which he has held since August 2019.
Previous to this, Lindbæk was Equinor’s Vice President for communication in Brussels, in Media Relations, and within the CFO World Enterprise Companies. Earlier than becoming a member of Equinor, Lindbæk was SVP Company Communication in Aker Options, PR supervisor in Microsoft and PR advisor in BWPR and GCI Monsen.
Lindbæk holds a grasp’s diploma in Comparative Politics from the College of Bergen and London Faculty of Economics.
Contacts
Investor relations:
Peter Hutton, senior vp, Investor Relations,
+44 7881 918792 (cell)
Media relations:
Bård Glad Pedersen, vp, Media Relations,
+47 918 01 791 (cell)
This info is topic to the disclosure necessities pursuant to Part 5-12 the Norwegian Securities Buying and selling Act
