Telenor CFO Tone Hegland Bachke Departs While CEO States Commitment to Bangladesh’s Telecom Market

Telenor’s TEL.OL announces the departure of Chief Financial Officer Tone Hegland Bachke, who is set to join privately held Dutch conglomerate SHV Holdings. Kasper Wold Kaarboe, currently Head of Performance and Ownership at Telenor, will step in as acting CFO from May 8, according to a statement released by the Norwegian telecommunications company.

At the same time, in light of recent speculations, Telenor has clarified its stance on investment plans in Bangladesh. Sigve Brekke, Telenor’s Norwegian CEO, emphasized their unwavering commitment to Bangladesh’s telecom market during his recent visit to Dhaka.

Brekke highlighted Telenor’s significant stake in Grameenphone, holding a 55.8 percent share, and emphasized the company’s role as one of the largest corporate taxpayers in Bangladesh. With a workforce of 11,000 serving approximately 209 million customers across eight countries, Telenor remains steadfast in its dedication to Bangladesh’s telecom sector.

Addressing concerns about potential exits from Bangladesh, Brekke emphasized Telenor’s long-term commitment to the country’s growth trajectory. Despite recent market shifts in other regions, including mergers and divestments, Telenor views Bangladesh as a pivotal market for future growth and investment opportunities.

Brekke acknowledged regulatory challenges but emphasized the importance of collaboration between the telecom industry and government stakeholders to navigate evolving market dynamics. He dismissed speculations regarding Grameenphone’s merger or Telenor’s exit from Bangladesh, reaffirming the company’s commitment to fostering positive socio-economic impact through its operations.

In discussing regulatory frameworks, Brekke noted differences across markets but underscored Telenor’s proactive engagement with regulators to address industry challenges and promote sustainable growth.

Regarding recent developments involving Grameen Telecom and its founder, Nobel Peace Prize laureate Muhammad Yunus, Brekke stated Telenor’s focus on its core business activities while maintaining a neutral stance on external affairs.

Brekke concluded by affirming Telenor’s constructive dialogue with regulatory authorities and stakeholders in Bangladesh, emphasizing mutual respect and collaboration as key principles in navigating market complexities.

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