Sven Arild Andersen, President and CEO of Oslo Brs, advised the Board of Oslo Brs yesterday that he wishes to retire from his position as president and CEO following the expiration of his fixed-term contract on December 31, 2005.
Andersen was appointed President and CEO on January 1, 2000. His contract allows both Andersen and Oslo Brs to either terminate his employment or renew for a further period. Andersen is entitled to a pension from the expiry of the fixed term period at the end of 2005, and he has advised the Board that he wishes to retire from this date.
“Oslo Brs has been through a demanding period both strategically and operationally, and I have found it extremely worthwhile and exciting to lead this highly qualified organisation through such challenging times. It now seems that the new challenges for Oslo Brs will only be resolved some time in the future, and will involve long-term and time-intensive work. Against this background, I think it is appropriate to hand over the baton to someone new next year, when I will be 62”, explains Andersen.
“I was looking forward to Sven Arild Andersen carrying on as president and CEO beyond the end of his fixed-term contract, but I respect the decision he has taken. Working with Sven Arild over the last few years has been a pleasure for both the Board and for me as chairman. I would particularly like to recognise his success in converting the stock exchange from a self-owning foundation to a public limited company, and must also mention the sound earnings he has created for the exchange’s shareholders. Oslo Brs has made great strides forward over the last few years, and is now recognised as a marketplace with very good liquidity that attracts great investor confidence, both in Norway and internationally. We will now start work on finding his successor,” comments Harald Norvik, chairman of the Board of Oslo Brs.