Telenor has appointed Jørgen Rostrup as Chief Financial Officer and executive vice president.

The move sees Acting CFO Morten Sørby assuming a new role as Chief Transformation Officer.

The latest changes to its senior team come on the back of a period of management change at the Norway-based operator as it continues to struggle to sell its stake in Russian telco VimpelCom.

Telenor’s net profits for the second quarter were down by two thirds on 2015.

It lost three board members after a report in May outlined corruption within VimpelCom’s operations in Uzbekistan.

Rostrup, who will be in position by November, joins from Finnish chemical company Yara, where he was president of its North American business.

He has also held various positions at Norwegian renewable energy company Norsk Hydro, including as group CFO, as well as board positions at several private equity and investment banking firms.

Telenor said Sørby will work with CEO Sigve Brekke to lead its “ongoing transformation process… to meet the new digital opportunities facing the company.”

Sørby will be part of the executive management team, and also report to Brekke. 

Brekke said: “Jørgen has a strong background from managerial posts in some of Norway’s leading companies, both locally in Norway and globally from four continents.

“Both his exposure to international management and not the least his experience serving as CFO in Hydro for several years make him very well suited as our new CFO.”

Brekke said of Sørby: “With his broad experience, both financially and operationally, he will play an important part for Telenor going forward.”   

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