Telenor’s Board of Directors has conducted a thorough search for a new President & CEO, as current CEO Sigve Brekke is set to retire at the end of 2024.
“We sought the most qualified candidate to lead Telenor and are delighted that Benedicte Schilbred Fasmer has accepted the role. Telenor serves 200 million customers and plays a crucial role in society. We need a CEO with exceptional leadership skills, a deep understanding of technology’s potential, and a commitment to secure and superior customer experiences while ensuring profitable growth,” said Board Chair Jens Petter Olsen.
The board initiated the search for Sigve Brekke’s successor last winter, evaluating several strong internal and external candidates.
“Benedicte, alongside Telenor’s talented employees, will continue to achieve excellent results in the company’s next phase. Telenor’s financial targets remain firm, with no planned strategy shifts. Benedicte’s impressive track record in technology and customer-driven companies, combined with her extensive management and board experience, greatly impressed the board,” added Olsen.
Benedicte Schilbred Fasmer is currently the CEO of SpareBank 1 SR-Bank, overseeing the largest Norwegian banking merger in 25 years. Her previous roles include Group EVP at Fremtind Forsikring and DNB Bank, as well as significant experience in capital markets, corporate finance, and the FMCG industry. Her board experience includes Chair of the Oslo Stock Exchange, member of the Supervisory Board of the Central Bank of Norway, and board member of Vipps, Norway’s leading payment app. She is from Bergen, married, and has two children.
“I am incredibly privileged to lead Telenor, a leader in profitable growth and customer experience in the European telecom industry. Having worked with digital innovation and transformation for two decades, I see parallels between the disruptions in banking and the telecom industry. I look forward to contributing to Telenor’s continued growth and customer focus,” said Benedicte Schilbred Fasmer.
Sigve Brekke, who has been Telenor’s CEO since August 2015, has led the company to outperform the S&P European Telecommunications index by 50% on a dividend-adjusted basis.
“Congratulations to the board on selecting a strong successor. Benedicte is stepping into one of the most exciting and challenging CEO roles in Norway. My tenure at Telenor has been immensely enjoyable, and it has been an honor to lead such a talented organization. I will continue to give my best in the remaining months and look forward to welcoming Benedicte,” said Sigve Brekke.
Telenor is the only operator with a solid presence in all Nordic markets, achieving 5% mobile service revenue growth in the Nordic region for six consecutive quarters.
“Sigve has done an outstanding job at Telenor over several decades. His nine years as CEO have been particularly challenging for European telecoms, yet the company has grown and outperformed the industry,” remarked Olsen.
