At the Annual General Meeting 27 February 2014, Green Resources AS (GR) elected five members to the Board. This represents a restructuring of the Board of Directors, reducing the number of members of the Board from nine to five as part of the ongoing rationalisation of the company. Juha Niemelä was re-elected Chairman and he is joined by Åge Korsvold as Deputy Chairman, a new position. Kristoffer Olsen, Mutuma Marangu and Henry Whittemore were elected to the Board. Whittemore is new to the Board, while the other Directors were re-elected. The new Board has a balanced representation of the various shareholder groups and deep industrial, financial and forestry experience.
At the AGM, Mads Asprem, the CEO expressed his gratitude to four outgoing members of the Board for their important contribution to the development of the company. Odd Ivar Løvhaugen, previously a CEO of Green Resources, has been a Director for 14 years. Liane Luke and Kristen Kleiman, representing Phanous, were Directors for almost five years. A special appreciation goes to Kleiman’s extensive work for Green Resources. Harvard Nesheim stepped down after three years as a Director, working extensively on investment strategy. Asprem also stepped down from the Board.
These are the short CVs of the Directors of Green Resources:
Juha Niemelä, Chairman, is a Finnish national born in 1946; he has been the Chairman of Green Resources AS since 2009. He served as the Chief Executive Officer and President of UPM-Kymmene, Europe’s largest forest product’s company by market capitalisation, from 1996 to 2004. He served as Vice President of UPM from 1983 to 1993, and served his entire career in the paper and forestry industry, first joining United Paper Mills ("UPM"). He has been a Director of Metsa Board Oyj since2007. He served as Director at Powerflute Oyj 2005-2013. He served as a Director in MeritaNordbanken (Nordea) from 1998 to 2000. Niemelä has an MSc in Economics and Business Admin from Turku School of Economics, Finland.
Åge Korsvold, Deputy Chairman, has been a member of the Board since 2011 and was elected Deputy Chairman in 2014. He is Norwegian, born in 1946. He has many years of experience as a Chief Executive and as a Board member in Norwegian and international businesses. He was the CEO of Orkla ASA, one of the largest Nordic Branded Consumer Goods Companies from 2012 to 2014. Before that, he was CEO of Kistefos, a broadly based investment company between 2001 and 2011, and CEO of Storebrand, a leading Norwegian insurer, from 1994 to 2000. Mr. Korsvold currently holds several non-executive Board positions in Norwegian and international companies. He holds an MBA from the Wharton School, University of Pennsylvania.
Mutuma Marangu, is a Kenyan/American national, born in 1961; and a member of the GR Board since 2003. Marangu is an investor and Director in several agricultural, energy and real-estate companies in sub-Saharan Africa, including Rook Investments Ltd, Soyken Jersey Ltd, Soy Afric Ltd and Mukin Ltd. He is a Director of Sage International Investments Ltd (2003- present); specialising in petroleum,forestry and renewable energy sectors and has most recently advised SEPLAT on its dual listing on LSE and the Nigerian Stock Exchange. Marangu served as Market Analyst and Commodity Trader at Glencore from 1991 to 2003 and as a Financial Analyst at Morgan Stanley from 1984 to 1986. He served as Director of Shebah Exploration between 2004 and 2008. Marangu has a BA in Economics from Vassar College, an M.Ph in Economics and Politics from Cambridge, UK and an MBA from Wharton School, University of Pennsylvania.
Kristoffer Olsen, has been a member of the GR Board since 1998 and has previously been Chairman of the Company. He is Norwegian, born in 1962. Olsen is the owner and founder of Jotunfjell Partners AS , an investment company and Airport Retail Group AS (ARG) ARG has a turnover in excess of NOK 1 billion. He was CEO of Scandinavian Retail Group ASA, the second largest Norwegian clothing retail company, introduced on the Oslo Stock Exchange in 1997. He was an associate of McKinsey & Co 1985-1992, working in financial services, oil and gas and pharmaceutical, predominantly involved working with Scandinavian companies. He has BSc in Finance from The Wharton School, University of Pennsylvania, and a MBA from INSEAD.
Henry Whittemore, is American born 1956 he joined the GR Board in 2014. Whittemore is the Director of Global Forestry Operations for Phanous Boston, Inc. and has twenty five years of timberland acquisition experience. Whittemore has closed timberland transactions for over $750mn. Previously he worked for Hancock Timber Resource Group as Northeast Regional Manager and Portfolio Manager. In addition to the acquisition and investment management roles, he serves as Phaunos’ environmental officer to ensure operational controls in forest management and conformance to the principles of the Forest Stewardship Council. From 1978 to 1981, Henry served in the United States Peace Corps in the Kingdom of Tonga as an agro-forestry volunteer. He holds a BA in History and Environmental Studies from Williams College and a Masters in Forestry from Yale University, School of Forestry and Environmental Studies.
For more information, please contact:
Mads Asprem, CEO Green Resources AS, (email@example.com)
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