Trond Westlie leaves Telenor to take up position as CFO in A. P. Moeller - Maersk Group

Press release
3 minute read
Chief Financial Officer Trond Westlie leaves Telenor to take up the position as CFO in A. P. Moeller - Maersk Group. Trond Westlie has worked at Telenor for five years and has been a key member of the Group Executive Management. He leaves Telenor on 31 December 2009.
"Trond Westlie is moving on to an interesting new assignment, however it's not with an light heart we see him go. He is a capacity both as CFO and as member of our executive management team. I consider him one of the leading CFOs in Norway, as well as being a profiled manager in Telenor and a valuable advisor," says Jon Fredrik Baksaas, President and CEO of Telenor. "We wish him all the best in his new assignment, and are confident that Maersk will appreciate his qualities in the years to come," Baksaas says.

Trond Westlie has worked at Telenor for five years. During this period, the company has experienced significant growth, and the number of mobile subscriptions has grown with approximately 100 million. Westlie has been a significant contributor to this internationalisation and expansion. He has contributed to developing and professionalising Telenor's finance and accounting functions, especially through replacing a traditional budgeting process with a dynamic model for rolling forecast. This increases precision and reduces uncertainty in the Telenor Group financial management.

"Telenor is one of the most exciting companies for a CFO in Norway. Only a few, if any, Norwegian companies can demonstrate an equally successful international expansion. The decision to leave the company was therefore not an easy one to make. However, the challenges and opportunities at Maersk are too exciting to resist," says Trond Westlie. "I will continue to observe Telenor from the side line, and I am confident that the company will continue its successful development also in the coming years," Westlie says.

Trond Westlie will continue as CFO of Telenor until 31 December 2009. Telenor will immediately start the search for his successor.
For further information, please contact:

Ingrid Schiefloe, PR & Media manager Tel.: (+47) 951 56 977

Marianne Moe, Head of Investor Relations Tel.: (+47) 916 17 631

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