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Norske Skog Elects Rynning-Tønnesen as Chief Executive

June 6, 2006 (Press Release) - Norske Skog has appointed Christian Rynning-Tønnesen (46) as president and CEO of the company. He is currently chief financial officer. Andreas Enger (43), currently president of Midelfart Holding AS, has also been appointed as the new CFO.

Rynning-Tønnesen joined Norske Skog in 2005 after serving as a member of the corporate management team at state-owned power generator Statkraft for 11 years and as its deputy CEO for two.

Before that, he spent three years with McKinsey and three years with Esso Norge. He holds an engineering degree from the Norwegian Institute of Technology (NTH).

Enger has been in his present position since April 2005, and was executive vice president for strategy and business development at Petroleum Geo-Services (PGS) from 2003-2005.

Prior to this, he spent 15 years with McKinsey, as partner from 1996. He has an engineering degree from NTH and an MBA from INSEAD.

Rynning-Tønnesen resigned from Norske Skog earlier this year to become chief executive of Agder Energi, but had not yet taken up this post.

"We're very satisfied that Rynning-Tønnesen will stay at Norske Skog, now as chief executive, and that Enger has accepted the position of chief financial officer," says chair Lars Wilhelm Grøholt. "Rynning-Tønnesen is very familiar with the company and has the best starting point for taking it forward."

"I am approaching the role of chief executive with great enthusiasm," says Rynning-Tønnesen. "The company has many very capable people. Together we will take on the challenges we face and reach the goals set out by the board."

Rynning-Tønnesen takes over as chief executive effective 6 June, at a basic salary of NOK 3.6 million per year. In addition, his bonus agreement is worth a maximum of half a year's pay. He has also been granted 60 000 synthetic options at an average price to be set from 12 June to 30 June, and which are exercisable during the first half of 2009.

Enger is due to join Norske Skog at a time to be agreed later.

SOURCE: Norske Skog




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