Sigve Brekke, president and CEO of Telenor (pictured, rear left), will retire at the end of 2024 to end more than nine years at the helm, with banking executive Benedicte Schilbred Fasmer (pictured, front) named as his replacement.

Telenor stated Brekke has a contract that stipulates retirement at the end of this year, meaning it has been carrying out an extensive process for months to identify the right candidate to replace him.

The board of directors stated it had considered several internal and external candidates before landing on Fasmer.

Fasmer is currently the CEO of Norwegian financial institution SpareBank 1 SR-Bank and previously served as EVP of insurance company Fremtind Forsikring and group EVP of DNB Bank.

Telenor also pointed to her experience in capital markets, including private equity.

Chair of the board Jens Petter Olsen (pictured, rear right) said Telenor is an institution of great importance “for the 200 million customers in our footprint and for the societies we empower”.

“We need a CEO with great leadership skills, who understands how technology will enable us to deliver secure and superior customer experience and someone who will ensure profitable growth,” he added.

Brekke will leave after joining the company in August 2015, and Olsen said the company had outperformed the industry during “a very demanding period for European telcos”.