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Noreco CEO Tommy Sundt. Image courtesy of Noreco.

Norwegian Energy Company (Noreco) said Tuesday that CEO Tommy Sundt is stepping down and the company has tapped current chair of the board Silje Augustson to take his place.

Sundt’s resignation is effective immediately, but he will continue to serve as general manager for Norwegian operations until the end of 2015.

“Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the company,” the company said.

The company’s board has approved the resignation and Sundt will receive severance payment in accordance with his contract.

The board will continue to lead strategic initiatives and “will actively engage in the day-to-day management of the group of companies,” Noreco added.

Executive director Augustson will take over as the group’s CEO and assume additional functions and responsibilities related to daily operations.

As part of that effort, current board member Riulf Rustad will also “intensify his efforts with the board work.”

The board will also bring a proposal to reshuffle its roles to the next general meeting.

The proposal will ask that Rustad formally take over as chair of the board from Augustson, who will continue as a board member alongside Julien Balkany.

Noreco added that its office at Nedre Vollgate 1 in Oslo will now be the company’s leadership center, but it will maintain its presence in Stavanger.