Norske Skog: Changes in corporate management

Norske Skog's corporate management will be reduced from seven to three members with effect from 1. September 2012. The new team will consist of CEO Sven Ombudstvedt, Chief Financial Officer (CFO) Rune Gjessing and Chief Operating Officer (COO) Trond Stangeby.

- I am grateful to be joined by two such highly experienced people, Rune and Trond, in the future development of the company. The challenges ahead will be to continue to adjust capacity to market needs, whilst at the same time adjusting our organization to the company's size and activities. I want to thank all of the retiring members of the corporate management. They have for several years contributed with valuable work to improve the profitability of the group, says Sven Ombudstvedt.

- The structure of the new corporate management will be adapted to the operating model we already have implemented. We are now taking the final step from a corporate-driven organization to a flatter organization with independent business units. The overall objectives of the changes have been to improve return on capital and cash-flow from the plants and reduce fixed costs, says CEO Sven Ombudstvedt.

Rune Gjessing (49) is presently Senior Vice President for operations outside Europe. He has served in the corporate management since 2007 and has been employed in Norske Skog since 2002. He has held several positions within Norske Skog, a.o. Senior Vice President strategy and Director for Investor Relations.

Trond Stangeby (62) is presently engaged as Senior Vice President Organizational Development, and will now be engaged as Chief Operating Officer. Stangeby has a broad experience from various leading positions in Norwegian industry.

Senior Vice President Commercial Jan-H. Clasen will maintain his current role and responsibilities, and will report to COO Trond Stangeby.

Lysaker, 17 August 2012
Norske Skog, Communications and Public Affairs