Statoil’s CEO Helge Lund will leave after ten years with the company to take up the position as Chief Executive of LNG player BG. “I could have continued for a period, but there is a time for everything. Renewal is important, both for Statoil and for me. I came to the conclusion that the time was right for a change. I have both the motivation and energy to take on a new leadership challenge, and found this opportunity to be the right one,” says Helge Lund.

“BG Group is a company with a strong set of assets and opportunities. I look forward to joining this organisation and working with BG’s people to develop the company’s full potential,” Lund added.

Statoil’s board of directors has appointed Eldar Sætre as acting president and CEO, the company said in a statement.

Eldar Sætre has been a member of Statoil’s corporate executive committee since 2003. He served as executive vice president and CFO until 2010, then as executive vice president of the Marketing, Processing and Renewable energy business area.

Statoil said it has established a sub-committee which has started the search for the company’s next CEO, and will also engage an external adviser in the search.