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Orkla loses its chief

Despite a declaration of confidence from the board of directors of Orkla last week, Jens P. Heyerdahl has decided to step down as chief executive of the company, Aftenposten has reported.

Mr. Heyerdahl informed Orkla's corporate assembly of his decision Tuesday. Mr. Heyerdahl has been in the news all fall, accused of engineering the transfer of a large block of discounted stocks to a secret buyer in order to deny the stock to Orkla board members who were hostile to him. An internal investigation exonerated him fully.