AF Gruppen — Board/Management Information 2015

Sep 17, 2015

Morten Grongstad appointed new CEO in AF Gruppen

Morten Grongstad appointed new CEO in AF Gruppen

AF Gruppen has appointed Morten Grongstad as new

Group CEO. Mr. Grongstad, currently Executive Vice

President of AF Bygg, will take on his new position

15 October.

- The company will always be more important than the

individual in AF Gruppen. My plan has always been to

notify the board the day we had developed an

internal candidate that I was certain could take on

the responsibility. We now have a candidate with the

right skills, commitment and core values to lead AF

Gruppen towards continued profitable growth, says

Pål Egil Rønn.

- The timing is right. AF Gruppen has never been

stronger. The company's greatest asset is our 3 200

employees, a fantastic team, says Mr. Rønn.

Pål Egil Rønn has been the CEO of AF Gruppen since

2007. Under his leadership, the company's market

value has increased from 1.6 billion NOK to

approximately 10 billion NOK today. In the same

period the company has distributed approximately 2,

5 billion NOK in dividends to its shareholders.

- AF Gruppen is a company that addresses future. We

have a culture for developing internal leaders.

Under Pål Egil Rønns management, AF Gruppen has

grown into one of Norway's leading contracting and

industrial companies. Pål Egils assessment is a

testimony to future-looking leadership, says the

Chairman of the Board, Mr. Tore Thorstensen.

A unanimous board supported the appointment of

Morten Grongstad as the new CEO.

- I am delighted to be given the opportunity to lead

a company with so many skilled and dedicated

employees. Today we have six business-areas, and the

AF engine is now "firing on all six cylinders". The

company strategy stands and the way I see it we have

never had more opportunities ahead of us, says

Morten Grongstad.

At the request of incoming CEO Morten Grongstad, Pål

Egil Rønn will act as an advisor to Mr. Grongstad in

a transition period.

For more information, please contact:

Pål Egil Rønn, CEO: Mobile: +47 909 57 713

Morten Grongstad, Incoming CEO: Mobile +47 991 53 905

Tore Thorstensen, Chairman of the Board: Mobile +47

913 18 160

Wibecke Brusdal, Director Corporate Communication:

Mobile: +47 930 93 150