The chief executive of NorgesGruppen has stepped down from the helm of the Norwegian retailer as the company booked rising sales and profits for fiscal 2010.

Sverre Leiro was replaced by Tommy Korneliussen, former executive vice president and chief of retail property, late last week (1 April).

Leiro was able to exit on a high note, hailing a "good result in an industry characterised by low margins" for the 12 months to the end of December.

During the year, the company's revenue rose 4.6% to NOK55.7bn (US$10.12bn) while operating margins rose to 3.8% from 3.4% in 2009.

These gains drove an increase in operating profit for the period, which climbed to NOK2.1bn, up from NOK1.8bn.

Click here for the full results release.