Sigve Brekke will step down on 1 December after more than nine highly successful years in the job
Telenor says that after “an extensive process to identify the right candidate”, its board of directors has carried has appointed Benedicte Schilbred Fasmer as President & CEO (pictured). Sigve Brekke, the current CEO, has a contract that stipulates retirement at the end of 2024.
She joins the growing number of women leading telcos in Europe, including Keri Gilder at Colt Technologies, Allison Kirkby at BT Group, Christel Heydemann at Orange group and Margherita Della Valle at Vodafone Group – backed by the swelling ranks of women in other senior positions.
Sigve Brekke has been CEO of Telenor since August 2015. Since Sigve Brekke’s commencement date, Telenor has outperformed the S&P European Telecommunications index by 50% on a dividend-adjusted basis. Telenor is the only operator with a solid footprint in all Nordic markets and has delivered 5% mobile service revenue growth in the Nordic region for six consecutive quarters.
Tough act to follow
Chair of the board, Jens Petter Olsen, noted, “Telenor is an institution of great importance for the 200 million customers in our footprint and for the societies we empower. We need a CEO with great leadership skills, who understands how technology will enable us to deliver secure and superior customer experience and someone who will ensure profitable growth.”
The board has been searching for the right success to Brekke since last this winter, considering internal and external candidates.
Olsen adds, “Benedicte, together with all the talented employees in Telenor, will continue to deliver great results in the company’s next phase. Telenor’s financial targets stand firm, and there are no plans for any strategy shifts. Benedicte’s strong track record from technology and customer driven companies, and extensive top manager and board experience have impressed the board.”
Banking background
Benedicte Schilbred Fasmer is the CEO in SpareBank 1 SR-Bank, which is in throes of a merger, the biggest in the Norwegian banking sector in 25 years. Previously she was a Group EVP of the insurance company Fremtind Forsikring and a Group EVP in DNB Bank as Head of Corporate Banking.
In addition, she has capital markets experience including private equity, corporate finance and several banks including Citibank, as well as from the fast-moving consumer goods industry. Her board experience includes serving as the Chair of the Oslo Stock Exchange, a member of the Supervisory Board of the Central Bank of Norway, and being a board member of Vipps, Norway’s market-leading payment app.
Schilbred Fasmer commented,“I feel incredibly privileged to be given the opportunity to lead Telenor, which is in a class-of-its-own when it comes to profitable growth and customer experience in the European telecoms industry. I have been working with digital innovation and transformation for two decades, and in my opinion banking and the telco industry are facing similar disruptions. I am very much looking forward to contributing to continued growth and customer centricity in Telenor.
“Sigve has done a terrific job on behalf of Telenor for several decades. His nine years as CEO have been a very demanding period for European telcos. Nevertheless, the company has grown and outperformed the industry.”