Board Member Morten Grongstad will effectively from 17 March 2009 replace Kaare Frydenberg as CEO of Scandinavian Property Development ASA.
Kaare Frydenberg has been engaged on a management for hire contract with SPDE. Kaare Frydenberg has played an important role for SPDE in a period affected by difficult market circumstances. The Board is grateful for the contribution of Kaare Frydenberg to SPDE, and is pleased to know that Frydenberg will continue to assist SPDE to secure a good transition.
"SPDE still faces important challenges and the Board is pleased to announce Board Member Morten Grongstad as new CEO. Grongstad contributes both real estate competence and continuity to SPDE. The Board is confident that he will be able to lead the company during these challenging times, and looks forward to working closely together with him states Jan Petter Storetvedt, chairman of the Board of SPDE.
Morten Grongstad is currently the Managing Director of Orkla Real Estate AS. He will step down from this position before he takes up the position as CEO of SPDE. Grongstad will also step down from his position as Board Member in SPDE with immediate effect.
Morten Grongstad has previously worked as a consultant for McKinsey & Company, and he has held different management positions within Microsoft and Orkla.