Benedicte Schilbred Fasmer is appointed new President & CEO in Telenor Group

23 May 2024 07:00 CEST

Oslo (May 23rd 2024) - Telenor Group’s Board of Directors has appointed
Benedicte Schilbred Fasmer as new President & CEO. Sigve Brekke is stepping down
December 1st after more than 9 years as President & CEO of Telenor.

Telenor’s Board of Directors has carried out an extensive process to identify
the right candidate for the position of President & CEO, as Sigve Brekke, the
current CEO, has a contract that stipulates retirement at the end of 2024.

"The Board has been looking for the most qualified candidate to lead Telenor and
we are pleased that Benedicte Schilbred Fasmer has agreed to take on this role.
Telenor is an institution of great importance for the 200 million customers in
our footprint and for the societies we empower. We need a CEO with great
leadership skills, who understands how technology will enable us to deliver
secure and superior customer experience and someone who will ensure profitable
growth," says Chair of the Board Jens Petter Olsen.

The Board started the process of finding Sigve’s successor this winter. As part
of this thorough process, several strong internal and external candidates were
considered.

"Benedicte, together with all the talented employees in Telenor, will continue
to deliver great results in the company’s next phase. Telenor’s financial
targets stand firm, and there are no plans for any strategy shifts. Benedicte’s
strong track record from technology and customer driven companies, and extensive
top manager and board experience have impressed the board, " says Olsen.

Benedicte Schilbred Fasmer is currently the CEO in SpareBank 1 SR-Bank, which is
in the process of executing on the largest Norwegian banking merger in 25 years.
She has previously been a Group EVP of the insurance company Fremtind
Forsikring and a Group EVP in DNB Bank as Head of Corporate Banking. In
addition, she has significant capital markets experience including private
equity, corporate finance and several banks including Citibank, as well as from
the FMCG industry. Her board experience includes serving as the Chair of the
Oslo Stock Exchange, a member of the Supervisory Board of the Central Bank of
Norway, and being a board of Vipps, Norway’s market-leading payment app.
Benedicte is from Bergen, is married and has two children.

“I feel incredibly privileged to be given the opportunity to lead Telenor, which
is in a class-of-its-own when it comes to profitable growth and customer
experience in the European telecoms industry. I have been working with digital
innovation and transformation for two decades, and in my opinion banking and the
telco industry are facing similar disruptions. I am very much looking forward to
contributing to continued growth and customer centricity in Telenor, says
Benedicte Schilbred Fasmer.

Sigve Brekke has been CEO of Telenor since August 2015. Since Sigve Brekke’s
commencement date, Telenor has outperformed the S&P European Telecommunications
index by 50% on a dividend-adjusted basis.

"Congratulations to the board on having found a good successor. Benedicte is
taking on one of the most exciting and challenging CEO positions in Norway. I’ve
had fun at work every single day, and it is a great privilege to be CEO of an
organization like Telenor, with so many talented employees. I’ll give full
throttle the last few months, then I’m looking forward to welcoming Benedicte to
Telenor," says Sigve Brekke.

Telenor is currently the only operator with a solid footprint in all Nordic
markets and has delivered 5 percent mobile service revenue growth in the Nordic
region for six consecutive quarters.

"Sigve has done a terrific job on behalf of Telenor for several decades. His
nine years as CEO have been a very demanding period for European telcos.
Nevertheless, the company has grown and outperformed the industry," says Olsen.

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CV Benedicte Schilbred Fasmer
Jan 2021- CEO in SR-Bank ASA (OSE: SRBNK)
2020 GEVP in Fremtind Forsikring, Corporate Banking
2015-2020 GEVP in DNB Bank ASA, Corporate Banking (OSE: DNB)
2011-2015 Argentum Asset Management
2007-2011 GEVP Sparebanken Vest, Capital Markets & Treasury
2002-2007 Rieber & Søn ASA, Group Treasury & Investor Relations
2001-2002 Pareto Securities ASA, Corporate Finance Advisor
2000 Nautopolis.com, Country Head Norway
1991-2000 Citibank, VP

Board Experience (selection)
Has held the role of Chair in SpareBank 1 Gruppen, Fremtind Forsikring, Finance
Norway, Oslo Stock Exchange. Board member in Vocalink Ltd, Norges Bank (Central
Bank of Norway), Entra ASA, Vipps, Norwegian Air Shuttle, Sevan Drilling, Vesta
Forsikring, Fana Sparebank.

Investor and media contacts:
Frank Maaø, SVP Capital Markets and Investor Relations, tel: +47 916 74 045
Thomas Midteide, SVP Group Communications, tel: + 47 962 32 017
David Fidjeland, Head of Media Relations, tel: +47 934 67 224

More information:
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