DiGi names Morten Sørby as new chairman

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KUALA LUMPUR (Aug 19): DiGi.Com Bhd has named Morten Karlsen Sørby as chairman, succeeding Sigve Brekke, who has been transferred to Telenor Group as group chief executive officer (CEO).

In a statement to Bursa Malaysia today, DiGi said Sørby’s appointment is effective immediately.

The 56-year old Norwegian joined Telenor in 1993 and has held a number of senior positions.

“I am pleased at the opportunity to serve as DiGi’s chairman. The company has solid fundamentals, strong growth potential and a capable leadership team. I look forward to working with the executive team and the board to keep the growth momentum,” Sørby said.

Sørby was appointed as a director of DiGi in March 2013.

Sørby has, in his capacity as executive vice president, served as head of Norwegian market from 2003 to 2005, head of Nordic operations from 2005 to 2009, executive vice president and head of corporate development from 2009 to 2011, and head of strategy and regulatory affairs from 2011 to 2013. He was also CEO of Uninor, India in 2014, according to DiGi’s statement.

“I am confident that Morten will put his vast industry knowledge and operational experience to work as a chairman in guiding the company’s continued growth journey. He already knows DiGi well after more than two years as a director on the company’s board,” Brekke said.

Brekke also thanked DiGi’s board, management and employees for his opportunity to serve as the chairman of DiGi since 2008.

“Succeeding in the advanced, competitive Malaysian market requires inspired thinking and excellent execution. I am proud to have been part of the company’s growth journey and look forward to continuing to contribute in my new role,” he added.

DiGi (fundamental: 1.35; valuation: 1.5) fell one sen or 0.2% to RM4.99 today, giving it a market capitalisation of RM38.88 billion.

Year-to-date, the counter has fallen 95.6 sen or 19.16% from RM5.95.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)