Michelet resigns as Imarex CEO

The Board of Imarex ASA has appointed Geir Olsen (41) as the group’s acting Chief Executive Officer following the resignation by former Chief Executive Officer Herman W. Michelet. Mr. Michelet’s resignation is a consequence of different views regarding the management of the group and the execution of the group’s strategy.
“The Imarex Group is the result of successful M&A’s and strong organic growth, two areas Herman Michelet has contributed strongly to. Even if the Board and Herman have different views on aspects of the business, the company that Michelet founded in 2000 is a unique success story. To that the Board and the shareholders owe Herman Michelet our thanks and we wish Herman all the best in the future” says Chairman of the Imarex Board Christian Due.
The appointed acting CEO, Geir Olsen joined Imarex in November 2009 as the group’s Chief Financial Officer. He has extensive management experience, including strategic planning, financial reporting, M & A and financial analysis. Mr. Olsen has held various positions in listed and non-listed companies such as SeaBird Exploration, Petroleum Geo-Services, StepStone, Aker RGI, Arthur Andersen and the Oslo Stock Exchange.
Imarex has initiated a process to recruit a permanent Chief Executive Officer. Mr. Olsen will in the interim period also hold the position as the group’s Chief Financial Officer.
Imarex operates market places for commodities and their derivatives, conducts clearing and settlement of transactions, provides market analysis and other related activities through four business segments; Clearing, Exchange, OTC and Market Services.

For questions please contact:

• Christian Due, Chairman of the Board of Directors
  • + 47 67 58 43 72 (direct) or + 47 415 07 561 (mobile)
• Geir Olsen, Chief Executive Officer (acting) and Chief Financial Officer
  • + 47 23 89 42 11 or + 47 916 39 367 (mobile)