Orkla ASA: Changes to Orkla’s Group Executive Board

World News: . []

The changes will take effect on 1 November 2019.

The new business area will have two parts:

Orkla will comprise five business areas: Orkla Foods, Orkla Confectionery & Snacks, Orkla Food Ingredients, Orkla Care and Orkla Consumer & Financial Investments.

Kenneth Haavet (39) has been appointed to head Orkla Consumer & Financial Investments. He previously held the position of Principal in the private equity firm FSN Capital, with which has been associated since 2010. He also has valuable experience from the Macquarie Group, an Australian investment bank. He will take up his Orkla duties by 1 April 2020. Until Haavet begins, Terje Andersen will be responsible for the new business area. After 1 April, Andersen will lead Industrial and Financial Investments and report to Haavet.

Sverre Prytz (50) has been appointed Executive Vice President for M&A and Strategy. He has held management positions at BW Group, ADM Capital, DuPont and McKinsey. He will assume his new position on 1 December 2019. Orkla President and CEO Jaan Ivar Semlitsch will lead the M&A and Strategy group function until Sverre Prytz is in place.

Orkla’s Group Executive Board will consist of:

Jaan Ivar Semlitsch, President and CEOAnn-Beth Freuchen, Orkla Foods (Nordics & Baltics)Johan Wilhelmsson, Orkla Foods (International)Jeanette Hauan Fladby, Orkla Confectionery & SnacksJohan Clarin, Orkla Food IngredientsAtle Vidar Nagel-Johansen, Orkla Care and Supply ChainKenneth Haavet, Orkla Consumer & Financial InvestmentsJens Staff, Finance and ITSverre Prytz, M&A and StrategyChrister Grønberg, Group Functions

Terje Andersen will be part of Orkla’s Group Executive Board until Haavet is in place.

Håkon Mageli will be part of Orkla’s expanded Group Executive Board and continue to report to Christer Grønberg.

Karl Otto Tveter will step down from Orkla’s Group Executive Board with effect from 1 November 2019 and report to Terje Andersen until 1 May 2020. He will then be associated with Orkla as a lawyer and adviser. Orkla ASA Oslo, 10 October 2019Håkon MageliTel.: +47 928 45 828Thomas LjungqvistTel.: +47 482 59 618This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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Globe Newswire: 11:00 GMT Thursday 10th October 2019

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