Brekke takes the reins at Telenor Group

"Sigve Brekke has a solid track record as the head of Telenor’s Asia operations and part of group management since August 2008.

"His leading role in our Asian success story combined with his vast international experience and leadership capabilities will be of great value as the company continues its profitable growth journey," chairman Svein Aaser told a press conference yesterday at the head office in Norway.

Brekke joined Telenor in 1999. He has been instrumental in establishing Telenor as a leading international mobile operator.

Under his leadership, Telenor has added more than 100 million subscribers in Asia.

The value creation from Asia has been significant and the region now represents more than 40 per cent of the total enterprise value of Telenor. Telenor is well positioned to monetise on the next growth wave – providing Internet for all.

"It is a great honour to be asked to lead Telenor," Brekke said.

"Our company’s Norwegian and international success is a result of Telenor Group’s ability to provide digital communication services that are valuable to our customers.

"Telenor’s strategy, including our financial priorities, forms a solid platform for value creation for our shareholders and continued growth in Norway, Europe and Asia.

"We are poised to capture value from the opportunities arising from strong demand for Internet services and I look forward to executing our strategy together with our 33,000 employees," he said.

Baksaas steps down after 13 years as president and CEO. Last September, he extended his tenure until the end of this year.

In preparation for his retirement, the board initiated a thorough process with a broad set of internal and external candidates to find his successor.

Baksaas will continue as adviser to the board until next year and will serve as chairman of GSMA, the global industry organisation for mobile operators.

"Jon Fredrik Baksaas has internationalised Telenor and transformed us into a modern, world-class telecom company and widely known consumer brand originating from Norway.

"I believe Fredrik is one of the most important industry leaders in Norway in modern times," Aaser said.

"To lead Telenor during a period of rapid growth and major technological changes has been both exciting and rewarding. In Sigve Brekke, the board of directors has found the perfect candidate to continue Telenor’s growth and value creation," Baksaas said.

"We have worked closely for many years, and his knowledge of the business, customer focus and hands-on management style will ensure a great future for the company."