Orkla names Nils K. Selte as group president and CEO

Norwegian conglomerate Orkla has appointed Nils K. Selte as its new group president and CEO, succeeding Jaan Ivar Semlitsch, who has headed the company since 2019.

“Jaan Ivar Semlitsch has led the company through the difficult time of [the] pandemic, during which Orkla has managed to maintain its good delivery performance and cash flow,” said Orkla chairman Stein Erik Hagen.

He said that the company was “now entering a phase that calls for a new form of leadership”.

Hagen continued: “The strategy communicated on Orkla’s capital markets day on 23 November last year remains the same, but the board wishes to accelerate its implementation”. 

“We want to establish a corporate structure and culture that creates greater value and gives the individual businesses greater autonomy and responsibility. Nils K. Selte knows Orkla well. He has long experience of leading major restructuring processes and developing portfolio companies.” 

Selte has worked at Hagen’s family company Canica since 2001, serving as both CFO and CEO. He has been a member of Orkla’s board since 2014, and chaired the company’s audit committee in the same period.

“In the time to come we will adopt a more dynamic approach to our portfolio, without reducing our focus on our biggest markets and categories. We will also be open to disposals, partnerships or stock exchange listing of businesses if we find this expedient,” said Selte.

Meanwhile, Orkla Foods CEO Atle Vidar Nagel Johansen has been appointed executive vice president in charge of Orkla’s branded consumer goods business.

Selte commented: “I am glad that Atle Vidar Nagel Johansen has agreed to head our branded consumer goods business. These are difficult times, when the situation in Ukraine will impact on both the availability and prices of a number of raw materials and other input factors. 

“Moreover, we are seeing a surge in energy prices from an already high level. We also expect that a lengthy conflict will create greater uncertainty and imbalances in global flows of goods.”