Statoil CEO Lund steps down, joins BG Group

Staff Writer
Columbus CEO

STOCKHOLM (AP) — Helge Lund, the CEO of Norwegian oil and gas company Statoil, has resigned after 10 years in charge of the government-controlled company.

Lund will become chief executive of British oil and gas company BG Group in March 2015.

Until then he will remain at Statoil's "disposal" though the company said Wednesday that its board of directors had appointed Eldar Saetre, a senior Statoil executive, as acting president and CEO with immediate effect.

Lund, who became CEO in 2004, led Statoil through the merger with the oil and gas division of Norsk Hydro.

Statoil said it has established a sub-committee to lead the search for a new CEO.