REC bids farewell to CEO Erik Thorsen

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Departing the company following a four-year tenure, President and CEO Erik Thorsen has agreed with REC Group’s Board of Directors to depart and make way for a new Group leader. Fitting this bill is Board Chairman Ole Enger, former CEO of SAPA AB, who will take over the President and CEO role on April 4th.

Mr. Enger brings years of international business experience to the role, including his most recent role as CEO of SAPA AB and Executive Vice President for Orkla ASA. Previously, he served a 13-year period as President and CEO of Elkem ASA, for many years the world’s leading silicon producer, prior to which he worked in managerial roles for six years at Norsk Hydro ASA.

Mr. Enger has had a seat on the REC Board since 2005 and has been Chairman of the Board since 2007, a role that he will now be filled by Tore Schiøtz until REC’s General Meeting on the 19th May 2009. At this meeting, REC’s Nomination Committee will put forward Orkla’s President and CEO Dag J. Opedal as a new candidate for joining the Board and for nomination to the role of Chairman of the Board.

It is not clear whether or not Mr. Thorsen resigned, although some reports have hinted at the company’s 77% share price drop for 2008 and the further 6.7% fall in 2009 as contributing factors to Mr. Thorsen’s replacement.

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