Norsk Hydro: Brandtzaeg to leave Hydro to become Yara CEO

Oslo, Norway, July 21, 2014 (GLOBE NEWSWIRE) -- Svein Richard Brandtzæg, President and CEO in Norwegian aluminium company Norsk Hydro ASA, has informed the Board of Directors that he will leave Hydro to take over as President and CEO for Norwegian fertilizers group Yara International ASA from February 1, 2015, at the latest. The process to find a replacement for Brandtzæg has started, and a new President and CEO for Hydro will be announced in due time. Brandtzæg will continue as President and CEO of Hydro until further notice. «The Board of Directors regrets Brandtzæg's decision to leave the company. Brandtzæg has been a great capacity for Hydro throughout his almost 30 years in the company and especially as CEO since 2009. Together with a solid and highly competent top management in Hydro, he has led the company through tough times and weak markets, taking forceful actions to ensure that we are positioned for a bright future as a leading, global aluminium company,» said Hydro's Chair of the Board of Directors Dag Mejdell. «His determination and commitment to improving Hydro's market and cost position, especially the ambitious USD 300 program, has brought us to the forefront of the industry when it comes to operational performance. The focus on operational performance, which has become a trademark for Hydro, will continue with full force under a new leadership, Mejdell said. «We wish him good luck in his new job." Brandtzæg joined Hydro in 1985 and has held various positions, including EVP and Head of Aluminium Products, Head of Rolled Products, Head of Metal Products and Head of Magnesium. He took over as CEO in March 2009. «It was a tough decision, but I felt that it was the right time for me to move on to new challenges,» said Hydro President and CEO Svein Richard Brandtzæg. «I feel privileged to have worked for Hydro for so many exciting years. I want to thank all my skillful colleagues across the value chain, who has enabled Hydro to become a truly global leader in the aluminium industry. My commitment remains on delivering on Hydro's agenda until a new President and CEO is in place,» Brandtzæg said. Investor contact Contact Pål Kildemo Cellular +47 97096711 E-mail Press contact Contact Halvor Molland Cellular +47 92979797 E-mail 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.


Source:Norsk Hydro