Statoil CEO turns down retirement

The CEO of Norway's Statoil will not be retiring early. Eldar Sætre has been asked to stay on board despite soon exceeding the age limit.

Photo: PR-foto: Harald Pettersen

When Eldar Sætre was appointed group CEO of Statoil three years ago, many thought he would merely serve as the head of the company for a transitional period. Nearing the age of 60, he was much older than the departing CEO, Helge Lund, who stepped down at the age of 51 after serving 10 years in the top job.

But Sætre has endured longer than most had anticipated and now he will be rewarded with an extension of his contract, states Statoil.

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