Statkraft’s chief executive Christian Rynning-Tønnesen is to step down after almost 14 years of leading the Norwegian energy company and renewables developer.
The company’s board of directors will now initiate a process to find a new chief executive, while Rynning-Tønnesen will remain president and chief executive until further notice.
“I would like to thank Christian for his leadership and contributions to Statkraft,” said chair of Statkraft’s board of directors Thorhild Widvey.
“Statkraft has become Europe’s largest producer of renewable energy and a leading player in the global energy markets.
“Statkraft has a robust platform for continued growth, both operationally and financially.”
Rynning-Tønnesen assumed the role of president and chief executive of Statkraft in 2010.
“After almost 14 years as president and chief executive, and after careful considerations, I have concluded and informed the board that it is time to step down,” said Rynning-Tønnesen.
“It is a privilege to lead a company that contributes to the green shift through large scale renewable energy development and production.
“I am proud of what all the employees have achieved and confident that I leave Statkraft fit to deliver on our ambitious growth strategy.”
The company has, over the last five years, delivered an average annual return after tax of 26%, including dividend to owner and now operates in 21 countries, with focus on Norway and Europe, as well as activity in Brazil, Chile, Peru, India and the US.
The company develops and produces hydro, wind, and solar power and also has an international analysis and markets department.
It is also branching out into new renewables technologies such as hydrogen and biofuel production.
The company’s growth strategy aims to increase its capacity for renewable energy production by 2500-3000MW annually from 2025 and plans to develop offshore wind in Ireland and Norway as well as in selected markets.