Sigve Brekke is currently Executive Vice President and head of Telenor’s operations in Asia. He joined Telenor in 1999 and has since held several senior positions within the group.
Brekke takes over for Jon Baksaas who is retiring in August after 13 years as chief executive of telecoms giant.
– It is a great honor to be asked to lead Telenor. I look forward to delivering on our strategy together with our 33,000 employees, says Brekke in the stock exchange announcement.
Read also: Stronger earnings for Telenor
Var favorite
– Sigve Brekke has been part of the Group Executive Management with responsibility for the Asian markets since 2008 and in the period proved that he is able to create good results. His leading role in the Asian success story in combination with broad international experience and strong leadership skills will be of great value for Telenor Group on profitable international growth, says Svein Aaser, Chairman of Telenor Group in a press release.
Sigve Brekke has been highlighted as the central internal candidate of several.
Main Objection against Brekke was his age, wrote Dagbladet in March. Sigve Brekke has played a crucial role in the creation of Telenor Group as one of the world’s leading mobile operators.
– It is in a way quite expected, although there has been speculation it could be someone else, such as boss Telenor Norway (Berit Svendsen – journ.’s note). I think this is positive, says analyst Saniel Johansson Fondsfinans.
Under Brekkes management, the number of subscribers in Asia has risen by over 100 million, Telenor writes in the press release. The financial contribution from Asia has been significant and the region now accounts for more than 40 percent of Telenor Group’s total market capitalization, though Telenor ekspansasjon in India has been a money, the.
– Has been a good leader
– He has a good understanding of internal, has operationally been a good leader, has been important for the Asian business and has extensive experience within the group. I do not think this is going to affect the price so much, it has already gone quite far up the last time, says Johansson.
– What are the challenges his future?
– There will continue to be high priority to capitalize data traffic in Asia and in a way all consolidate all operations in Asia. It has been in Asia a challenge in that part of the businesses still have fairly low return on invested capital. Growth is currently in Asia. I think the company’s priority will be data in Asia. In Eastern Europe, Telenor is in the top three levels and one has to consider how to expand in this market, says Johansson.
He recalls that Brekke expropriate Telenor in very good condition.
– The point is that there is now going very well. Telenor has a strong business model. Which certainly some fine-tuning in Thailand. Man must grow in India without spending too much money. It is also important to see how to prepare growth and margins in the Nordic region, and one sees clearly a stronger competition in the European markets. But he takes over a very well-run franchise, says Johansson.
Large shoes to fill
Brekke will lead one of the largest companies and have big shoes to fill. Last week the company’s performance with a record turnover of 30.2 billion the first quarter.
At the same time they had a profit of 5 billion in profits, an increase of 9.1 percent from the same quarter last year .
Well paid
The new CEO will receive a salary of 5.9 million. In addition, he will take part in Telenor’s incentive program will constitute 30 percent of the annual base salary. The maximum annual bonus is limited to 50 percent of basic salary.
Last year Brekke total 11.2 million in salary, bonus and other benefits. This was marginally less than Baksaas, who received 11.9 million for his job as chief executive, writes Dagens Næringsliv.
Baksaas continues as an advisor
Jon Fredrik Baksaas retirement as CEO after 13 years as the group’s top leader. In September 2014, the agreement was extended by an additional year, until the end of 2015.
Baksaas will continue as an advisor to the Board until the end of 2016 and sit as chairman of the GSMA, the mobile operators’ global industry organization, said the press release.
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