Telenor Chairman Harald Norvik Resigns

Harald Norvik, the chairman of the board of directors of Telenor has resigned from his post after a Norwegian government minister expressed lack of confidence in him. A company jointly owned by Telenor and labor unions sold a 50% stake in TV2 to Egmont for 2.1 bn Norwegian crowns ($367 mn) in January, giving the Danish firm 100% control. The minister was apparently not happy with this deal. Harald Norvik will continue as chairman of the board until a new chairman has been elected by the Corporate Assembly. Norvik has served as chairman of Telenor since May 31, 2007.