Birgitte Ringstad Vartdal appointed President and CEO of Statkraft

The board of Statkraft has appointed Birgitte Ringstad Vartdal as the new CEO of the company. She comes from the role as Executive Vice President Nordics at Statkraft, succeeding Christian Rynning-Tønnesen who has decided to step down after 14 years in the position.

The board ran a thorough recruitment process with both internal and external candidates. Vartdal will assume her new role as CEO on 1 April 2024.

"The board is very pleased that Birgitte has accepted the position as CEO of Statkraft. Birgitte has a broad and relevant background as an Executive Vice President at Statkraft, and as CEO and CFO at the shipping company Golden Ocean. She is a very capable and assertive leader with the qualities required to lead a large international company. It is a strength that we are appointing a new CEO from within our own ranks, who knows the company, the organisation, and our key stakeholders well," says Alexandra Bech Gjørv, Chair of the Board of Directors at Statkraft.

Over the past two years, Vartdal has led Statkraft's largest business area, the Nordics. Prior to that, she was headed the business area European Wind and Solar at the company, overseeing the development of wind and solar power in Europe, new business, Group Procurement, and Project Delivery. Vartdal, born in 1977, holds a degree (MSc) in Physics and Mathematics from The Norwegian University of Science and Technology (NTNU) and a Master of Science (MSc) in Financial Mathematics from Herriot Watt University in Scotland. She has previously been a board member at Yara and Mowi, and a member of the corporate assembly at Equinor. She currently serves on the board of Renewable Norway and several of Statkraft's subsidiaries.

"I am very happy and humbled to be given the responsibility of leading Statkraft and our more than 6,000 committed employees who work every day to renew the way the world is powered. Statkraft is an important company in the energy transition of Norway, Europe, and the world, and I am proud to be a part of the journey. We will continue to contribute as Norway's largest power producer and be the industry's most important partner by offering stable, green energy at competitive prices in the markets we operate in," says Birgitte Ringstad Vartdal, the new CEO of Statkraft AS.

Statkraft accounts for a third of Norway's power production and is Europe's largest producer of renewable energy. The company also has significant operations in South America and India. It invests in, builds, and operates renewable energy in Norway, Europe, and selected international markets. Statkraft has one of the leading energy market operations in Europe and invests in new, green technologies.

"Statkraft is well-positioned and has great opportunities to contribute to the green transition and create green jobs in Norway and internationally. Climate change and the need for energy security increase the demand for renewable energy while technology development and scale reduce costs. This provides opportunities for continued strong and profitable growth as long as we continue to work as efficiently, safely, and sustainably as possible," says Vartdal.

Statkraft originated as a Norwegian hydropower company but has evolved into a leading international renewable energy company with operations in 21 countries. The company has a portfolio of more than 400 renewable projects that could be developed over the coming years. As of the end of the year, Statkraft had an estimated value (enterprise value) of 388 billion Norwegian kroner, making it the second most valuable Norwegian company after Equinor.

"I want to congratulate the board on the appointment of Birgitte as the new CEO. She has a relevant background and knows the organisation and business very well. Birgitte is strategic, analytical, and capable of engaging the organisation. She has a down-to-earth personality that in many ways embodies Statkraft's values: acting responsibly, making an impact, and growing together," says outgoing CEO Christian Rynning-Tønnesen at Statkraft AS.

Rynning-Tønnesen first joined Statkraft in 1992 - 2005 and returned to the company as CEO in 2010 after serving as CEO of Norske Skog. Under Rynning-Tønnesen's leadership, Statkraft's revenue increased from 29 billion kroner in 2010 to 124 billion kroner in 2023, and over the past five years, it has delivered an average return to its owner, the Norwegian state, of 26 percent per year.

"I want to thank Christian for his leadership and significant contributions to Statkraft. There are few leaders in Norway who can look back on the same level of value creation and development in such a large company. Under Christian's leadership, Statkraft has also positioned itself to participate in the further growth within renewable energy. In addition, he ensured that there were strong candidates to take over as CEO, which led us to the best candidate in Birgitte," says Bech Gjørv.

Vartdal will receive the same basic salary as the departing CEO Rynning-Tønnesen, amounting to 6.3 million Norwegian kroner. The CEO, like other senior managers in Statkraft, has a variable salary scheme based on the achievement of specific goals. This scheme offers a maximum of 25 percent of the basic salary.

Vartdal maintains her participation in Statkraft’s pension scheme for all employees, and in the scheme with an additional salary of 18 percent of the basic salary above of 12G, which may be utilised for private pension saving as described in Statkraft's guidelines for remuneration to senior executives, approved at the general meeting in 2023. Vartdal will also enjoy other benefits such as car allowances, insurance, and a mobile phone, all in line with the company’s policies.

Chair Alexandra Bech Gjørv, new CEO Birgitte Ringstad Vartdal, and outgoing CEO Christian Rynning-Tønnesen will be available to the media at a press conference at Statkraft's headquarters in Oslo, Norway today at 13.00.

For further information, please contact:

Media:

Media Spokesperson Lars Magnus Günther, tel: +47 912 41 636, e-mail: lars.gunther@statkraft.com
Vice President Torbjørn Steen, tel: +47 911 66 888, e-mail: torbjorn.steen@statkraft.com

Debt Capital Markets:

Vice President Stephan Skaane, tel: +47 905 13 652, e-mail: stephan.skaane@statkraft.com
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: arild.ratikainen@statkraft.com

or http://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, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has over 6,000 employees in more than 20 countries.

Attachments

• New CEO of Statkraft, Birgitte Ringstad Vartdal
• Birgitte Ringstad Vartdal

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