Market Overview

Veidekke ASA : Arne Giske succeeds Terje R. Venold as President and CEO of Veidekke


Arne Giske will take up position as President and CEO of Veidekke on 1 July 2013. He replaces Terje R. Venold, who has held the position since 1989. Arne Giske is currently head of Veidekke's property development division, and has been with the company since 2001.

The decision to appoint Arne Giske as President and CEO was taken by the board of Veidekke on Thursday 6 December 2012, and Chairman Martin Mæland stated that this is an ideal solution for Veidekke.

"Terje R. Venold has taken Veidekke all the way to the top of the industry so finding his successor has been a challenge. Arne Giske soon emerged as a well-qualified candidate, and we are therefore very pleased to announce this well before he takes over," says Martin Mæland.

Directorships and positions
Arne Giske is 55 and has extensive experience as Executive Officer in both ABB and most recently Veidekke. He has experience from several boards, and also as head of Skiforeningen (the Association for the Promotion of Skiing), which is one of the largest membership organisations in Norway. Arne Giske joined Veidekke in 2001 as Executive Vice President and CFO with responsibility for Veidekke's economy and financial functions. In 2007 he became Executive Vice President of Veidekke's property development division in Scandinavia.

"I am honoured that the board has confidence in me, while I also feel that it is somewhat awe-inspiring to take over the management of a company that has been operated and managed so well for many years. I have worked at Veidekke for 12 years and am looking forward to taking on this task," Arne Giske says.

He replaces Terje R. Venold, who has been Veidekke's President and CEO for the past 24 years. Arne Giske will spend the next six months preparing for his new role before he takes up position as President and CEO on 1 July 2013.

"Veidekke is a very sound company with wide-ranging expertise, embedded in a strategy of value-adding interaction. This is a strong motivational basis for the task I face," Arne Giske says.

An era is over
During Terje Venold's 24 years as President and CEO of Veidekke, turnover has increased from NOK 1.8 billion to NOK 20 billion, the number of employees has increased from 1,700 to 6,500, the company has acquired 60 companies, market capitalisation has increased from NOK 500 million to NOK 6 billion and the average annual return on the Oslo Stock Exchange in the period has been 14%.

With a focus on profitable growth, Venold has additionally emphasised two core issues. One is broad and significant employee co-ownership in their own company, which has given Veidekke a unique position in this area. The second is a comprehensive focus on health, safety and the environment (HSE). Veidekke's goal is to operate without injuries, and it is part of a collective industry effort that has improved the safety of all employees.

"Arne Giske has extensive experience from business and organisations. He has 12 years of experience in Veidekke and has held senior positions in our financial and property development operations. We are now entering a period where I will help Arne prepare for his new duties. Arne Giske is an extremely capable manager, and I am certain that the board has chosen the best man to guide Veidekke's continued development," says Terje R. Venold.

Venold originally intended to retire two years ago, but was asked by the board to continue until a new CEO was in place.  

For more information please contact:
Chairman of the board Martin Mæland, tel. +47 90 79 10 79,
Executive Vice President Arne Giske, tel. +47 21 05 77 80 /+47 905 89 526,
President and CEO Terje R. Venold, tel. +47 21 05 77 01 / +47 905 82 323,
Executive Vice President Communications Kai Krüger Henriksen, tel. +47 21 05 77 04 / +47 90 51 93 60,
Veidekke is one of Scandinavia's leading contractors and property developers with a turnover of 18 billion (2011) and 6,500 employees. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals. Veidekke is characterised by a strong corporate culture with employee involvement and co-ownership as important cornerstones. More than half of the employees are co-owners, holding around 20% of the Group's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Veidekke ASA via Thomson Reuters ONE


View Comments and Join the Discussion!