The board of Statkraft has appointed Birgitte Ringstad Vartdal as the company's new President and CEO. Vartdal, currently serving as the Executive Vice President Nordics at Statkraft, will succeed Christian Rynning-Tønnesen, who has opted to step down after a 14-year tenure at the helm.
The decision to appoint Vartdal marks the culmination of an extensive selection process, with both internal and external candidates. Vartdal is poised to assume her new role on April 1, 2024.
Alexandra Bech Gjørv, Chair of the Board of Directors at Statkraft, commended Vartdal's comprehensive experience and dynamic leadership qualities. "Birgitte has a broad and relevant background as an Executive Vice President at Statkraft, and as CEO and CFO at the shipping company Golden Ocean. She is a very capable and assertive leader with the qualities required to lead a large international company. It is a strength that we are appointing a new CEO from within our own ranks, who knows the company, the organisation, and our key stakeholders well.”
Having led Statkraft's pivotal Nordics division for the past two years, Vartdal brings a wealth of expertise in renewable energy operations. Prior to this, she spearheaded the European Wind and Solar business area, playing a crucial role in advancing wind and solar energy initiatives across Europe. Vartdal holds a degree (MSc) in Physics and Mathematics from The Norwegian University of Science and Technology (NTNU) and a Master of Science (MSc) in Financial Mathematics from Herriot Watt University in Scotland. She has previously been a board member at Yara and Mowi, and a member of the corporate assembly at Equinor. She currently serves on the board of Renewable Norway and several of Statkraft's subsidiaries.
Commenting on her appointment, Vartdal expressed gratitude for the opportunity and underscored Statkraft's vital role in the global energy transition. "I am very happy and humbled to be given the responsibility of leading Statkraft and our more than 6,000 committed employees who work every day to renew the way the world is powered. Statkraft is an important company in the energy transition of Norway, Europe, and the world, and I am proud to be a part of the journey. We will continue to contribute as Norway's largest power producer and be the industry's most important partner by offering stable, green energy at competitive prices in the markets we operate in.”
Statkraft accounts for a third of Norway's power production and is Europe's largest producer of renewable energy. The company also has significant operations in South America and India. It invests in, builds, and operates renewable energy in Norway, Europe, and selected international markets. Statkraft has one of the leading energy market operations in Europe and invests in new, green technologies.
"Statkraft is well-positioned and has great opportunities to contribute to the green transition and create green jobs in Norway and internationally. Climate change and the need for energy security increase the demand for renewable energy while technology development and scale reduce costs. This provides opportunities for continued strong and profitable growth as long as we continue to work as efficiently, safely, and sustainably as possible," said Vartdal.
Outgoing CEO Christian Rynning-Tønnesen, lauded for his transformative leadership, expressed confidence in Vartdal's ability to steer Statkraft toward continued growth. Rynning-Tønnesen first joined Statkraft in 1992 - 2005 and returned to the company as CEO in 2010 after serving as CEO of Norske Skog. Under Rynning-Tønnesen's leadership, Statkraft's revenue increased from 29 billion kroner in 2010 to 124 billion kroner in 2023, and over the past five years, it has delivered an average return to its owner, the Norwegian state, of 26 percent per year.
"I want to thank Christian for his leadership and significant contributions to Statkraft. There are few leaders in Norway who can look back on the same level of value creation and development in such a large company. Under Christian's leadership, Statkraft has also positioned itself to participate in the further growth within renewable energy. In addition, he ensured that there were strong candidates to take over as CEO, which led us to the best candidate in Birgitte," said Bech Gjørv.
