Birgitte Ringstad Vartdal Appointed As Statkraft CEO, Effective April 2024

In a significant move within the renewable energy sector, Norwegian powerhouse Statkraft has announced Birgitte Ringstad Vartdal as its new Chief Executive Officer, set to take the helm on 1 April 2024. Vartdal, who brings a wealth of experience from her tenure as an executive vice-president at Statkraft and her leadership roles at Golden Ocean, including CEO and CFO positions, is poised to steer the company into its next phase of growth.

With a solid background that includes leading Statkraft's Nordics business unit and the European Wind and Solar unit, Vartdal has been instrumental in advancing the company's wind and solar power projects, alongside spearheading new business initiatives, project delivery, and procurement strategies. Her academic credentials are equally impressive, holding degrees in physics, mathematics, and financial mathematics.

Statkraft stands as Norway's largest power producer and holds the title of Europe's largest producer of renewable energy. The company plays a pivotal role in Norway's energy landscape, contributing to a third of the country's power production. Its global footprint extends to South America and India, with a focus on investing in, building, and operating renewable energy projects worldwide. Currently, Statkraft boasts a portfolio of over 400 renewable projects slated for development in the upcoming years.

The company's enterprise value was estimated at NOK 388bn ($44.4bn) at the end of the previous year, positioning it as Norway's second most valuable firm after Equinor. This financial standing underscores Statkraft's significant impact on both the national and global renewable energy markets.

Christian Rynning-Tønnesen, the outgoing CEO, lauded Vartdal's appointment, highlighting her comprehensive understanding of Statkraft's operations, organizational structure, and stakeholder relationships. He expressed confidence in her ability to drive further growth in the renewable energy sector.

Vartdal is set to receive a compensation package that mirrors that of Rynning-Tønnesen, including a basic salary complemented by a variable salary scheme tied to specific performance goals. Additional benefits include a car allowance, insurance coverage, and a mobile phone plan.

During the press conference announcing her appointment, Vartdal expressed her pride in leading such a pivotal organization within the renewable energy landscape. She committed to continuing Statkraft's legacy of contributing significantly to the global energy transition. Chair Alexandra Bech Gjørv alongside Rynning-Tønnesen will also engage with media inquiries during this event.

This leadership transition marks a new chapter for Statkraft as it continues to solidify its position as a leader in renewable energy production both in Norway and internationally. With Vartdal at the forefront, the company is well-positioned to navigate the challenges and opportunities that lie ahead in the evolving energy sector.