Petoro boss set for exit

Leadership shift: at Petoro

Reuters/Scanpix

Steve Marshall

 08 January 2013 10:07 GMT

The boss of Norway’s state oil holding company Petoro is set to retire from the position later this year.

Chief executive Kjell Pedersen, aged 60, will step down on 12 June after 12 years in the post at the company, which holds the state’s direct financial interest in offshore oil and gas fields.

The company will start the search immediately for his replacement.

Pedersen’s departure, which is in line with the terms of his contract, follows Petoro’s landmark first foray into overseas exploration with the signing last week of deals to acquire stakes in two licences off Iceland.

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