Olav Thon was born in Hallingdal on 29 June 1923. He founded the Olav Thon Group and was CEO and chairman of the board until 2022. In 2013, he established the Olav Thon Foundation and transferred the majority of his wealth to the foundation, which today manages the ownership of the group .

"Olav Thon is greatly missed. He is remembered with great gratitude and joy for everything he has meant to his employees, and to his customers and close friends. Our thoughts go to his dear wife Sissel and to his immediate family," writes the company, through CEO Kjetil Nilsen, in a press release.