Orkla ASA announced that CEO Jaan Ivar Semlitsch is making changes to Orkla's Group Executive Board and group structure. Orkla Consumer & Financial Investments will become a new business area within Orkla. A separate group function is to be given responsibility for mergers and acquisitions (M&A) and strategy development. The changes will take effect on 1 November 2019. The new business area will have two parts: Consumer Investments, consisting of the Care Development Portfolio (Orkla House Care, Lilleborg and Pierre Robert), Kotipizza and Gorm's. Industrial and Financial Investments, consisting of Hydro Power, Real Estate, Venture and Orkla's minority share in Jotun. Orkla will comprise five business areas: Orkla Foods, Orkla Confectionery & Snacks, Orkla Food Ingredients, Orkla Care and Orkla Consumer & Financial Investments. Kenneth Haavet has been appointed to head Orkla Consumer & Financial Investments. He previously held the position of Principal in the private equity firm FSN Capital, with which has been associated since 2010. He also has valuable experience from the Macquarie Group. He will take up his Orkla duties by 1 April 2020. Until Haavet begins, Terje Andersen will be responsible for the new business area. After 1 April, Andersen will lead Industrial and Financial Investments and report to Haavet. Sverre Prytz has been appointed Executive Vice President for M&A and Strategy. He has held management positions at BW Group, ADM Capital, DuPont and McKinsey. He will assume his new position on 1 December 2019. Orkla President and CEO Jaan Ivar Semlitsch will lead the M&A and Strategy group function until Sverre Prytz is in place. Karl Otto Tveter will step down from Orkla's Group Executive Board with effect from 1 November 2019 and report to Terje Andersen until 1 May 2020. He will then be associated with Orkla as a lawyer and adviser.