Johan Fr. Odfjell Resigns as Nera ASA Board Chairman

August 20/Satnews Daily/ — Johan Fr. Odfjell has resigned as chairman of the board of Nera ASA citing conflicts with some shareholders. Odfjell said in a statement shareholders who have expressed their preference for his resignation have increased their portfolios considerably making it more difficult for him to lead the company.

"I have stressed all along that I do not attach personal prestige to retaining the position as Chairman of Nera ASA's Board of Directors. It is my assessment that given the current situation, it is better for the company that I tender my resignation,” said Odfjell.

Meanwhile, Nera ASA plans to list its satellite communications business in early 2005. Nera’s board of directors had already resolved to detach the company's satellite communications business into a separate and distinct publicly listed company.

However, some board members prefer a spin-off satellite company, which would make Nera's shareholders also shareholders of the new company.