(Oct 15): Statoil ASA said Chief Executive Officer Helge Lund has resigned to take up the position as CEO of another international oil and gas company.

The board of directors has appointed Eldar Saetre as acting president and CEO of Statoil with immediate effect, the Stavanger-based company said.

“I would like to thank Helge Lund for his great efforts during his ten-year tenure at Statoil,” Svein Rennemo, chairman of the board, said in a statement. “Under his leadership Statoil has become a stronger company.”

Lund, who resigned with immediate effect, had been CEO since 2004. Statoil’s board has established a sub-committee to search for the next CEO, and will also engage an external adviser in the search, according to the company.