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Norske Skog chairman Gr°holt will not seek re-election

March 2, 2007 - Lars Wilhelm Gr°holt, chairman of the Board of Norske Skog, told the company's nominating committee that he does not intend to seek re-election.

Gr°holt would have been up for nomination at the company's Annual General Meeting April 12.

Gr°holt has been chairman of Norske Skogindustrier ASA since 2002.

"These five years have seen declining earnings and a challenging market," Gr°holt said. "The past two years have been especially demanding for both the board and the executive management, with many difficult and important decisions for the company."

Norske Skog in 2006 appointed a new chief executive and corporate management team and implemented a strategic plan to reverse declining revenues and reach new finnancial targets.

"I'm confident that the turnaround is well under way, and firmly believe that the company will reach its goals to the benefit of shareholders and employees," Gr°holt said.

"I feel the time is now ripe to bring in new resources on the board, and have therefore notified the chair of the nomination committee that I will not be seeking re-election," he added

SOURCE: Norske Skog




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