Following an evaluation process, Thorsen and the board have come to the conclusion that he will step down with immediate effect after leading the company since May 2019.
“Thorsen’s time with the company has proved shorter than we had planned,” says chair Olav H Selvaag. “Nevertheless, I’d like to thank him for our collaboration during the time we’ve worked together.”
Molvik is taking over as CEO immediately. He has been with the company for 10 years, first as portfolio vice president and then as CFO for six years. He was previously CEO of Skanska Bolig AS and regional vice president of Peab Bolig AS. With an MSc in engineering, Molvik also holds an MBA.
“Molvik knows both the company and the market extremely well,” says Selvaag. “During his time with us, he has held senior executive roles in both the core business and strategic financial activities. We’re convinced he will lead the company’s continued progress in a positive way.”
Klungland, currently executive vice president for Greater Oslo, will become COO. With Selvaag since 2005 and at Selvaag Bolig from 2010, he has broad experience of developing and executing housing projects from both contractor and construction client sides. Klungland holds an MSc in engineering.
“The aim is that the role of COO will secure continued high value creation in project development and implementation,” says Selvaag.
“The role will also provide us with extra drive in concept development in order to meet tomorrow’s housing needs. Society is changing, but we’ll continue to build homes for all groups of customers in a cost-effective way."
Thorsen has a 12-month pay guarantee agreement.