Telenor Chairman Harald Norvik to quit

Last Updated: Thursday, May 3, 2012 - 08:50

Oslo/ London: Telecom company Telenor's Chairman Harald Norvik Thursday said he will resign from the post after the local government, which is the majority shareholder in the company, expressed lack of confidence in him following the company's stake sale in a media company.

"The Minister of Trade and Industry, Mr Trond Giske, representing the majority shareholder in Telenor ASA, today expressed a lack of confidence in the Chairman of Telenor, following the handling of the TV2 issue in January this year.

"I have therefore decided to step down as Chairman in Telenor," Norvik said in a statement to the Oslo Stock Exhange.

The Norwegian government holds around 54 percent stake in Telenor.

Telenor, which is present in India through Uninor, is embroiled in the 2G spectrum controversy. Telenor in a filing to the Oslo Stock Exchange had earlier this week said it will write down USD 682 million, thereby bringing its accounting exposure in India to nil.

Harald Norvik will continue as Chairman of the Board until a new Chairman has been elected by the Corporate Assembly, the statement added.

Norvik has served as Chairman since May 31, 2007.

PTI

First Published: Thursday, May 3, 2012 - 08:50

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