April 4, 2008 / 6:54 AM / 10 years ago

Norske Skog proposes Spetalen as deputy chairman

OSLO, April 4 (Reuters) - Norwegian papermaker Norske Skog’s (NSG.OL) has proposed to elect investor Oystein Stray Spetalen deputy chairman of the board and investor Ove Gusevik to a seat on the corporate assembly, the company said on Friday.

The proposals would bring into the company’s governing bodies two investors who have clashed with management over strategy, including plans for capacity shutdowns.

    Spetalen, Gusevik and hotel owner Petter Stordalen formed Unionen, an investment firm which last year emerged as Norske Skog’s single biggest shareholder with a nearly 6 percent stake.

    The investor trio has called for a complete shakeup of the strategy and has suggested selling the company’s Asian mills to reduce debt.

    The election committee proposed re-electing Kim Wahl as chairman, but suggested electing Tom Ruud chairman of the corporate assembly and moving the current assembly chairman Helge Evju to the deputy position, Norske Skog said. (Reporting by John Acher; Editing by David Holmes)

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