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



2012-12-06 19:11:25 -


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, martin.maland@obos.no
Executive Vice President Arne Giske, tel. +47 21 05 77 80 /+47 905 89 526,
arne.giske@veidekke.no
President and CEO Terje R. Venold, tel. +47 21 05 77 01 / +47 905 82 323,
terje.venold@veidekke.no
Executive Vice President Communications Kai Krüger Henriksen, tel.
+47 21 05 77 04 / +47 90 51 93 60, kai.henriksen@veidekke.no

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.

Arne Giske:
hugin.info/172/R/1663032/539329.pdf

Press photo:
hugin.info/172/R/1663032/539332.pdf

Press photo:
www.flickr.com/photos/veidekke/sets/72157632173560631/

Terje R Venold:
hugin.info/172/R/1663032/539330.pdf



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Source: Veidekke ASA via Thomson Reuters ONE
[HUG#1663032]


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