RISI, the leading analysis and information provider for the global forest products industry, is responsible for the award which is based on input from and interviews with financial analysts and administrators. The prize is awarded each year, and Rynning-Tønnesen will accept the award during an event to be held in Berlin on 29-31 March 2009.

 

In its reasoning for the award, RISI notes the financial and operational restructuring that Norske Skog has implemented under the leadership of Christian Rynning-Tønnesen. The jury makes particular mention of the sale of Norske Skog's activities in Korea in 2008.

 

"This is a nice recognition after a period of much hard work by a united Norske Skog team, says Christian Rynning-Tønnesen.

 

Christian Rynning-Tønnesen came to Norske Skog in 2005 and has been CEO since June 2006. In 2006, Norske Skog started a global NOK 3 billion improvement program which was completed at the end of 2008. In addition, sales of activities and properties helped the company to reduce its net debt by more than NOK 4 billion in 2008.

 

"Christian Rynning-Tønnesen leads an organisation that has implemented a very extensive improvement program in recent years, making Norske Skog much better equipped to meet the future, both operationally and financially. A lot of hard work remains, but the distinction of "European CEO of the year" is most definitely well-deserved," says Norske Skog's chair of the board, Kim Wahl.  

 

See also the enclosed press release from RISI.

 

Oxenøen, 26 January 2009

 

Norske Skog
Corporate affairs