Shake-up at top of Orkla may herald sale of PV group REC

Orkla – the Norwegian conglomerate that owns nearly 40% of troubled PV group REC – has announced that its chief executive will be replaced immediately.

In a shake-up that may soon leave REC with a different set of owners, Orkla chief executive Bjørn Wiggen – who took the reins less than two years ago – has stepped down with immediate effect.

Deputy chairman Åge Korsvold will act as interim chief executive while a permanent replacement is found.

Orkla chairman Stein Erik Hagen has repeatedly emphasised his desire to see Orkla shed its “non-core” assets like REC, and focus instead on becoming a “pure branded-goods” company, with everything it produces available in grocery stores.

A divestment of REC – which Log in to read complete article.

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