Norwegian telecoms company Telenor on Thursday said it had appointed Benedicte Schilbred Fasmer as its new chief executive, starting December 1 when its current CEO, Sigve Brekke retires.

Fasmer, who is currently CEO of SpareBank 1 SR-Bank , will be the first woman to head Telenor.

“Telenor’s financial targets stand firm, and there are no plans for any strategy shifts,” the company said in a statement.