Did you know ...? Orkla chief executive Jaan Ivar Semlitsch is to step down with immediate effect, to be replaced by veteran board member Nils Selte, according to the Norwegian producer of food and other consumer goods. Selte, a non-executive member of Orkla's board since 2014, will be asked to speed up the group's transformation, the company noted, adding that it will seek to create more value for shareholders by giving individual businesses greater autonomy and responsibility. "We are now entering a phase that calls for a new form of leadership," commented Orkla board chair Stein Erik Hagen, who is also the group's largest shareholder.