OSLO, Norway, May 27, 2014 (GLOBE NEWSWIRE) -- The Corporate Assembly in Norsk Hydro ASA on Tuesday approved Dag Mejdell as new chair of the Board of Directors and one new member of the company's Board of Directors, Irene Rummelhoff.
Terje Vareberg resigns from the Board of Directors and will be replaced by Dag Mejdell as new chair of the Board effective from May 27, 2014. Victoire de Margerie resigns from the Board of Directors and will be replaced by Irene Rummelhoff as a shareholder-elected board member as of May 27, 2014. The Board of Directors is reduced by one member from 11 to 10.
After Tuesday's election, the Board of Directors in Hydro consists of chair Dag Mejdell, deputy chair Inge Hansen, shareholder-elected board members Finn Jebsen, Liv Monica Bargem Stubholt, Eva Persson, Pedro Rodrigues and Irene Rummelhoff, and the employee-elected board members Billy Fredagsvik, Sten Roar Martinsen and Ove Ellefsen.
Hydro's board members are elected for a period of up to two years. This year, the shareholder-elected representatives were up for election. All members of the board were elected for a period of two years.
Dag Mejdell (born 1957) is from Oslo and is President and CEO of Nordic mail and logistic group, Posten Norge AS. He joined the board in Hydro in 2012. He is currently chair of International Post Corporation and the Employers Association Spekter and SAS AB. Mejdell also holds directorships within the Posten group.
Irene Rummelhoff (born 1967) is from Stavanger and is Senior Vice President Exploration Norway in Statoil ASA.
For more information on the Board of Directors in Norsk Hydro ASA, visit Hydro's web site:
Contact Pål Kildemo
Cellular +47 97096711
Contact Halvor Molland
Cellular +47 92979797
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.