Successor to Baksaas at Telenor is an internal candidate

Telenor Group has appointed Sigve Brekke – head of Telenor’s Asia operations since 2008 – as the company’s new CEO. He takes the reins on August 17, replacing Jon Fredrik Baksaas who is retiring after 13 years in the top job.

Svein Aaser, Telenor Group chairman, said various candidates outside Norway were considered for the post after Baksaas indicated last year he would be stepping down, but insider Brekke, who joined Telenor in 1999, won out in the end.

Asia now represents more than 40 per cent of the total enterprise value of Telenor Group.

Brekke will receive an annual base salary of NOK5.9 million (US$790,000).

Under Baksaas’ tenure, the Scandinavian operator has enjoyed impressive growth. When he assumed his role as CEO in 2002, Telenor had 15 million mobile subscribers. It now has 192 million mobile subscribers worldwide, thanks largely to growth in Asia, and a presence in 13 markets.

Over the same period, revenues more than doubled, from NOK49 billion to NOK107 billion, and market capitalisation jumped from NOK45 billion to NOK270 billion.

The outgoing CEO backed Telenor’s decision to choose Brekke, describing him as the “perfect candidate” to continue Telenor’s growth and value creation.

Baksass was re-elected as chairman of the GSMA in December 2014, which covers a two-year period until end of 2016, a position he is expected to keep despite today’s news.