Norwegian telecom major Telenor Group has appointed Sigve Brekke as president and chief executive officer (CEO) effective August 17, 2015. He will succeed Jon Fredrik Baksaas.

At present, Brekke is the executive vice-president and head of Telenor Group’s Asian operations. He joined Telenor in 1999 and has held several executive positions in the company since then. Meanwhile, Baksaas’ term as the company President and CEO comes to an end after a tenure of 13 year. Earlier, in September 2014, Telenor had extended his tenure for another year, until the end of 2015. In a statement, Telenor has stated that Baksaas will continue as advisor to the Board of Directors until the end of 2016 and will serve as chairman of GSMA, the global industry organisation for mobile operators.

Chairman of the board of directors, Telenor Group, Svein Aaser, said, “Brekke has a solid track-record as the head of Telenor’s Asian operations and part of group management since August 2008. Under Brekke’s leadership, Telenor has added more than 100 million subscribers in Asia and the region now represents more than 40 per cent of the total enterprise value of the Telenor Group.”

According to Telenor Group, Brekke’s annual base salary will be NOK 5.9 million. In addition, he will be entitled to a long-term incentive grant of 30 per cent of his annual base salary. His maximum annual bonus is 50 per cent of annual base salary and the retirement age is 65 years.