Telenor executive resigns in support of chairman

Jan Erik Korssjøen, chairman of the Corporate Assembly at Telenor, has announced his resignation just a day after Harald Norvik, the operator’s chairman, did the same.

“The reason for my resignation is that I disagree with the largest shareholder [the Norwegian government], on the decision, timing and the process leading to the resignation of [Norvik], the chairman of the Board of Telenor”, said Korssjøen.

Korssjøen said that his resignation will be effective following Telenor’s Annual General Meeting on 16 May, 2012. He will also resign from his duty as chairman of Telenor’s Nomination Committee.

Norvik tendered his resignation citing criticism of his handling of the sale of the country’s main commercial television channel TV2 from a Norwegian government minister as his reason.

The Norwegian government owns 54 per cent of Telenor, and Giske had been keen for Telenor to sell the stake of such a valuable national asset to a Norwegian firm rather than to Egmont.

Norvik said that he resigned after Minister of trade and industry Trond Giske “expressed a lack of confidence in him”, following the handling of the issue.

More recently, in April, the Norwegian operator was also forced to write down its assets in India, worth NOK3.9bn ($680m), following the Indian Supreme Court’s cancellation of all 2G spectrum licences awarded in 2008, due to corruption allegations.

Norvik will continue as chairman of the Board until a new chairman has been elected by the Corporate Assembly. Norvik has served as Chairman since 31 May 2007.

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