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2016-11-16

Statkraft AS: Changes in Statkraft's Corporate Management

(Oslo, 16th November 2016) The Corporate Management in Statkraft AS will have a new composition. Irene Egset will be the new Chief Financial Officer (CFO) taking over from Hallvard Granheim who will now be the new Executive Vice President for Market Operations&IT. Jürgen Tzschoppe will be the new Executive Vice President for the business area International Hydro replacing Asbjørn Grundt, who has decided to step down from Corporate Management. Jon Vatnaland joins Corporate Management with responsibility for Corporate Staff.
Following these changes, Statkraft's Corporate Management will have the following composition:
· Christian Rynning-Tønnesen, Chief Executive Officer
· Irene Egset, Executive Vice President and Chief Financial Officer (CFO)
· Hilde Bakken, Executive Vice President Power Generation
· Jürgen Tzschoppe, Executive Vice President International Hydropower
· Hallvard Granheim, Executive Vice President Market Operations&IT
· Steinar Bysveen, Executive Vice President Wind Power, Technologies, Industrial Ownership and Strategy
· Jon Vatnaland, Executive Vice President Corporate Staff (as of 01.02.17)
"We are in a period of major restructuring. With this composition of the Corporate Management Statkraft will be well equipped to meet the challenges ahead. Our goal is that Statkraft will be one of the most cost-efficient companies in renewable energy," says CEO Christian Rynning-Tønnesen.
Statkraft's Performance Improvement Programme is progressing as planned. The aim is to strengthen performance and reduce costs across the entire company. The goal is to reduce annual costs by 800 million kroner by the end of 2018.
The changes to Statkraft's Corporate Management will come into effect from Monday 21st November with the exception of Jon Vatnaland, who will join on 1st February 2017.
For further information, please contact:

SVP Investor Relations Thomas Geiran, tel.: +47 905 79 979, e-mail: thomas.geiran@statkraft.com
SVP Corporate Communication Bente E. Engesland, tel.: +47 911 59 952, e-mail: bente.engesland@statkraft.com
or www.statkraft.com
About Statkraft:

Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, gas-fired power and district heating and is a global player in energy
market operations. Statkraft has 4200 employees in more than 20 countries.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statkraft AS via Globenewswire

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