Peter Løvaas will start at Arctic on 1 October 2022. He will work with Mr. Syversen until he formally takes over as CEO during the first quarter of 2023. The change of chairman will take place at the same time in connection with Arctic's annual general meeting in 2023.

Mads H. Syversen has been CEO of Arctic since the company's establishment in 2007. In these 15 years, the group has developed from zero to a record turnover in 2021 of NOK 1,653 million and a record profit before tax of NOK 412 million.

When Mr. Syversen hands over as CEO during the first quarter of 2023, he will take on the role of Executive Chairman of the board in Arctic. In addition, he will be responsible for the group's real estate operations as well as for Arctic's Swedish business. He will also continue to have a strong focus on following up his own customers.

At the same time Inge K. Hansen will retire as chairman of the board but will continue as a board member of Arctic. Mr. Hansen has been chairman of the board since 2014.

"Mads has played a crucial role in Arctic's successful development. Together with the company's other, highly skilled employees, he has led Arctic to become one of Norway's leading financial groups. On behalf of the board, I am very happy that Mads will next year take over as Executive Chairman of the board, as well as leading the real estate business and Arctic's Swedish operation. Mads also has a unique customer network, which it is crucial for Arctic that he continues to follow up well", comments Mr. Hansen.

He emphasises that Arctic's solid market position, expertise and financial foundation mean that the company is very well equipped to both handle the challenges - and take advantage of the exciting opportunities - that the financial sector has ahead of it in the short and long term.

"My decision to step down as CEO is the result of a long thought process. After 15 years as skipper of the Arctic schooner, I think it is now natural to pass the helm to someone else. When we started Arctic in 2007, the plan was for me to be CEO for two years - then it became 15”, explains Mr. Syversen who continues:

"I look forward to taking over as Executive Chairman after Inge, which is a great honour after the important job he has done for Arctic for so many years. It will also be stimulating to take over responsibility for Arctic's real estate business and to work with our Swedish colleagues in order to maximize our potential in Sweden".

"The Arctic Group has significant experience and expertise in a wide range of sectors, a solid product platform and an international network. Furthermore, we have positioned ourselves with strong expertise in renewable as well as traditional energy. Peter Løvaas takes over a group that is well positioned and motivated", concludes Mr. Syversen.

Mr. Løvaas has worked at SEB since 2013. He has held several different positions in SEB: Head of Markets Norway, Deputy Head of Markets Global and Head of Investment Banking & Markets Norway. He has held the latter position for the last two years. Prior to SEB, he held different positions in UBS Group, Deutsche Bank in London and Nordea Markets and RS Platou Markets in Oslo.

"The board is very pleased that Peter has agreed to become the new CEO of Arctic. He has a mindset as well as experience, expertise and leadership qualities that make him the perfect candidate for this job. In addition, Peter has very strong customer relationships and great trust in the market. He is also known for being a good team player", emphasises Mr. Hansen who warmly welcomes him to Arctic.

"I have had a fantastic career in SEB with many fine colleagues and customers. Now, as I prepare to take over the CEO role in Arctic, it is especially the entrepreneurship, the proactivity and the deep knowledge of my future colleagues that fascinates me. I also look forward to working closely with the organization, the board, and especially Mads as Executive Chairman - I feel that we complement each other very well ", says Peter Løvaas, who continues:

"Arctic is one of the Nordic region's leading advisers in a number of industries and financial products. Arctic's customers, both companies and investors, must continually deal with great volatility and a world in various stages of transformation. With this as a backdrop, Arctic, with all its skilled and knowledgeable employees, is in a unique position to offer high-quality advisory services to solve complex problems."

Trond Mohn, who is Arctic's largest shareholder, is positive about the changes in the company. "Arctic's unique development since its inception in 2007 has also been very good for the shareholders. When the ambition now is to develop Arctic to yet a new level, we are glad that Mads is willing to take on the role of Executive Chairman of the board, and that Inge will continue on the board. I also have great confidence that Peter Løvaas is the right man to be able to fill Mads' shoes as CEO. Together, the two will be a strong team that will further strengthen Arctic's position in a rapidly changing world and financial market", emphasises Mr. Mohn.