Helge Lund - Photo: Trond Isaksen/Statoil
"Helge Lund and a dozen directors in charge of overseas business should pick up their hats and go," Endre Røsjø told Norway's Finansavisen newspaper. "This is the world's most competitive business. It's not the place for retired senior executives from other industries and washed-up politicians"
The state-controlled oil giant quietly dropped its 2020 production target in a footnote to one of the slides on it's results presentation.
"According to projections, 2.5 million boed production to be reached 3-4 years after the previous 2020 estimate," it read.
In a press statement Lund, who this August will have led the company for ten years, said it was important to put financial returns over production.
"Our strategy for value creation and growth remains firm, but we are making some important changes," he said. "Stricter project prioritisation and a comprehensive efficiency program will improve cash flow and profitability."
He said the company would cut annual investment to $20bn a year, a cut of eight percent on its previous strategy.
Røsjø, an investment banker who made his name in the US oil industry in the 1980s, now runs private equity firm Centennial AS.