Equinor (OSE: EQNR, NYSE: EQNR) announces changes in the
corporate structure and the Corporate Executive Committee
(CEC).
"Equinor is developing as a broad energy company. We are now
making changes to further strengthen our ability to deliver on our
always safe, high value, low carbon strategy. These changes will
support improved value creation from our world-class oil and gas
portfolio, accelerated profitable growth within renewables and the
development of low carbon solutions," says Anders Opedal, President
and CEO of Equinor.
Organisational structure
The new corporate structure will consist of six business areas
and five corporate centre units. The current organisational
structure will remain in place until the planned implementation
takes effect by 1 June 2021.
Business Areas:
Exploration & Production Norway (EPN) and
Exploration & Production International (EPI)
are established as two new business areas. They will continue
competitive and resilient oil and gas exploration and production,
with industry-leading unit costs, recovery rates and carbon
efficiency. Equinor is well positioned with world-class assets in
attractive areas. Two consolidated oil and gas business areas will
support a focused approach to strengthen value creation and reduce
emissions.
Renewables (REN) continues as a business area,
renamed from New Energy Solutions (NES), aiming to accelerate
profitable growth within renewables. It will report as a separate
segment from the first quarter of 2021.
Equinor is establishing Technology, Digital &
Innovation (TDI) as a separate business area, while
Projects, Drilling & Procurement (PDP) will
become a more focused business area. Technology, digitalisation and
innovation are fundamental enablers to improve safety, increase
value creation, reduce emissions and develop low carbon solutions.
Gathering units in a new TDI business area will unlock
opportunities both within oil and gas, renewables and low carbon
solutions.
Marketing, Midstream & Processing (MMP) is
unchanged as a business area.
Corporate centre units: The Corporate
Finance Organisation (CFO) will also include units for
strategy, mergers & acquisitions and business development.
Safety, Security & Sustainability (SSU)
will be established as a new functional area.
Legal & Compliance (LEG), Communication (COM) and
People & Organisation (PO) will remain as functional
areas.
The announced changes in the corporate structure will support
continuous improvement and reduce the overall number of leadership
positions but does not in itself lead to redundancies.
Corporate Executive Committee
“The changes in the CEC team reflect a good mix of continuity
and renewal, diversity and experience from across Equinor and the
industry. With this new team and a highly competent organisation,
we are ready to take Equinor forward together,” says Opedal.
Equinor’s Corporate Executive Committee will be as follows from
1 June 2021:
- President and Chief Executive Officer (CEO) Anders Opedal.
- Chief Financial Officer (CFO), Executive Vice President (EVP)
Svein Skeie (Acting).
- Exploration & Production Norway (EPN), EVP Kjetil
Hove.
- Exploration & Production International (EPI), EVP Al
Cook.
- Marketing, Midstream & Processing (MMP), EVP Irene
Rummelhoff.
- Renewables (REN), EVP Pål Eitrheim.
- Projects, Drilling & Procurement (PDP), EVP Arne Sigve
Nylund.
- Technology, Digital & Innovation (TDI), EVP Carri
Lockhart.
- Safety, Security & Sustainability (SSU), EVP Jannicke
Nilsson.
- Legal & Compliance (LEG), EVP Siv Helen Rygh
Torstensen.
- People & Organisation (PO), EVP Ana Fonseca Nordang.
The Senior Vice President (SVP) for Communication (COM) will
report to the CEO and participate in the CEC as today. Jannik
Lindbæk is appointed SVP COM from 1 January 2021.
The Corporate Executive Committee will be based in Norway.
The organisation structure will remain the same as it is today
with a few key adjustments to ensure continuity and safe operations
through the transition period from 1 January 2021 to 1 June
2021.
- Kjetil Hove will step into the role as EVP Development &
Production Norway (DPN) from 1 January 2021.
- Al Cook will step into the role as EVP Development &
Production International (DPI), and the existing Development &
Production Brazil (DPB) and Global Strategy & Business
Development (GSB) will be part of DPI from 1 January 2021.
- Arne Sigve Nylund will step into the role as EVP Technology,
Projects and Drilling (TPD) from 1 January 2021.
As previously announced, EVP Margareth Øvrum will retire 31
December 2020 and SVP Reidar Gjærum will step into a Senior Advisor
role in the CEO Office 1 January 2020. Geir Tungesvik, who has been
acting as executive vice president for Technology, Projects, and
Drilling (TPD) will return to his role as senior vice president of
Projects (PRD) 1 January 2021. Tore Løseth will continue as acting
EVP for Exploration until 1. June 2021.
EVP Torgrim Reitan has decided to step down as EVP Development
& Production International to take on a new position within
Equinor. He has been a member of the CEC since 2011 as Chief
Financial Officer, EVP for Development & Production USA and EVP
for Development & Production International. From 1 January
2021, he will take on the role as SVP Finance & Control in the
Renewables business area, supporting the ambition to accelerate
profitable growth in renewables.
“I would like to thank Torgrim for his strong contributions as a
member of the executive leadership team for a decade. It was under
his leadership forceful actions were taken to improve
profitability, improve safety performance and solve internal
control problems in the US business. His experience and competence
will be a tremendous asset to further accelerate and realise our
ambitions within renewables in Equinor. I would also like to thank
Geir for his contribution to the CEC as acting EVP for TPD,” says
Opedal.
Carri Lockhart is a U.S. citizen and joined
Equinor in 2016. She comes from the position as Senior Vice
President Portfolio & Partner Operated in Development &
Production International, which she has held since August 2018.
Prior to this, Lockhart was Senior Vice President for Equinor’s
U.S. Offshore business. Lockhart started her career with Marathon
Oil as a reservoir engineer in Anchorage, Alaska. Lockhart has held
a variety of leadership roles across the upstream organization with
experience in offshore, onshore conventional and unconventional
assets, field supervision, facilities construction and operations,
international country management, strategic planning and business
development.
Lockhart has a Bachelor of Science degree in Petroleum
Engineering from Montana College of Mineral Science and
Technology.
Kjetil Hove is a Norwegian citizen and joined
Norsk Hydro in 1991. He comes from the position as Senior Vice
President Field Life Extension, which he has held since January
2020.
Prior to this, Hove was Senior Vice President for Operations
Technology in Development & Production Norway. Hove started his
career in Norsk Hydro within petroleum technology holding various
positions within exploration, field development and operations in
Norway. Hove has held a variety of leadership roles, including Vice
President international business development, country manager
Brazil, and Senior Vice President Operations West in Development
& Production Norway.Hove has a master’s degree in petroleum
engineering from Norwegian University of Science and Technology
(NTNU).
Jannik Lindbæk is a Norwegian citizen and
joined Equinor in 2010. He comes from the position as Vice
President Corporate Communication Political & Public Affairs
Norway, which he has held since August 2019.
Prior to this, Lindbæk was Equinor’s Vice President for
communication in Brussels, in Media Relations, and in the CFO
Global Business Services. Before joining Equinor, Lindbæk was SVP
Corporate Communication in Aker Solutions, PR manager in Microsoft
and PR consultant in BWPR and GCI Monsen. Lindbæk holds a master’s
degree in Comparative Politics from the University of Bergen and
London School of Economics.
Contacts
Investor relations:Peter Hutton, senior vice
president, Investor Relations,+44 7881 918792 (mobile)
Media relations:Bård Glad Pedersen, vice
president, Media Relations,+47 918 01 791 (mobile)
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- New organisational structure Equinor
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Apr 2023 to Apr 2024