REC CEO Ole Enger to step down

The Renewable Energy Corporation (REC) – one of the world’s largest solar electricity providers – announced today that it will move all headquarter functions from its current Norway base to the State of Washington, U.S.

The move follows an earlier announcement this week of the sale of REC’s solar division, REC Solar, which will be established as a Singapore-based, independent listed company. The remaining division was renamed REC Silicon in September in a move that paved the way for a raft of structural and hierarchical changes within the company, including changes to key personnel at Group management level.

Chief among those changes is the announcement that current president and CEO of REC, Ole Enger, will step down on December 1st, after leading the company for more than four years.

"I want to thank Ole for his significant contribution to the development of REC," said Mimi K. Berdal, chairman of the REC Silicon board. "His deep industry knowledge and experienced leadership has been crucial in a very challenging phase for the solar industry. Ole and the rest of the REC team have successfully established two world-class businesses with the Solar operations in Singapore and Silicon operations in the US."

Effective from December 1st, Tore Torvund will assume the role of REC’s new CEO and president, leaving his current position of EVP, which he has held since January 2009. Torvund boasts more than 20 years of experience working in senior executive positions in the oil and gas industry.

James May has been appointed the new CFO for REC, with current CFO Kjell Christian Bjørnsen also departing the company on December 1st. Florian Krumbacher, REC’s chief legal officer, and Mikkel Tørud, investor relations & business development, will follow Bjørnsen out the door as the company looks to establish itself further in the North American market.