Bjørn M. Wiggen is out as President & CEO of Orkla ASA (OSE: ORK). The company chose to make it public now, coupled with the preliminary accounting figures, as local media broke the news on Saturday. He will be replaced by the Deputy Chair of the Board, Åge Korsvold, who takes over as Acting President & CEO. The decision stems from disagreements between Mr. Wiggen and the Board ”as regards ways of working”
Preliminary figures show operating revenues of 14.8 billion, down from 15 billion in Q1 2011, EBITA of 888 million and profit before tax of 1.55 billion. Diluted earnings per share are down to 1.3 where as cash flow from operations is slightly positive. The full reports will be out as scheduled on Thursday. The share is unchanged for the day.
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