Sigve Brekke appointed new Telenor Group CEO

New Delhi: The Telenor Group on Tuesday announced the appointment of Sigve Brekke as the company’s new group president and chief executive officer (CEO). Brekke, who joined Telenor in 1999 and currently heads Telenor Group’s Asia operations, will succeed Jon Fredrik Baksaas by August 17.

Under him, Telenor added more than 100 million subscribers in Asia, a company release said.

“Sigve Brekke has a solid track record as the head of Telenor’s Asia operations and part of group management since August 2008. His leading role in our Asian success story combined with his vast international experience and leadership capabilities will be of great value as the company continues its profitable growth journey,” said Svein Aaser, chairman of the board.

Baksaas steps down after 13 years as the company president and CEO.

“It is a great honour to be asked to lead Telenor. Our company’s Norwegian and international success is a result of Telenor Group’s ability to provide digital communication services that are valuable to our customers… We are poised to capture value from the opportunities arising from strong demand for internet services and I look forward to executing our strategy together with our 33,000 employees,” 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 he will retire at 65.