Lund Leaves Statoil to Become CEO of BG Group

Helge Lund will resign from the helm of Statoil to become Chief Executive and Executive Director of BG Group. 

‘BG Group today announces the appointment of Helge Lund as Chief Executive and as an Executive Director with effect from 2 March 2015,’ reads the note released by BG Group. 

According to analysts, Lund’s decision casts doubts on Statoil, creating further uncertainties for the company. Statoil is already called to face a change in political will in Norway. The new government is indeed looking for ways to decrease its reliance on oil and gas activities, paving the way to a more diversified economy.

“Exploration results and shareholder return have both been among the best in the industry and the company’s integrity and values are strengthened,” Svein Rennemo, chairman of the board of Statoil, commented speaking about the ten years of Lund’s tenure.

Since 2004, Statoil has focused on the upstream segment, selling activities such as petrochemicals and retail. The company also stepped into the renewable energy sector.

Statoil’s board of directors has appointed Eldar Sætre as acting president and CEO. 

‘Acting CEO Eldar Sætre has been a member of Statoil’s corporate executive committee since 2003. He served as executive vice president and CFO until 2010, then as executive vice president of the Marketing, Processing and Renewable energy business area,’ Statoil commented in a separate statement.