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Telenor CEO Baksaas to step down at the end of 2015

OSLO: Telenor Chief Executive Jon Fredrik Baksaas will step down at the end of 2015, the board of the Norwegian telecoms firm said on Monday, after more than a decade of expanding the former state monopoly abroad in search of new markets.

The 59-year-old, who has led the company since 2002, will stay on as an advisor to the board for 12 months, Telenor said in a statement. It is not known who will replace him.

During Baksaas’ tenure Telenor has expanded into emerging markets in Eastern Europe and Asia, including Montenegro, Bulgaria, Thailand, Pakistan, and recently Myanmar, to find new sources of revenue away from Scandinavia.

Some moves have been controversial. Telenor’s continuing presence in the low-margin Indian market has been criticised by some investors.

Several high-level corporate battles have taken place under his leadership, including one with Russian oligarch Mikhail Fridman for the control of telecoms firm VimpelCom.-Reuters

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