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Norsk Hydro: Changes in Hydro's Corporate Management Board

OSLO, Norway, Dec. 8, 2014 (GLOBE NEWSWIRE) -- Norwegian aluminium company Norsk Hydro ASA will implement several changes in its Corporate Management Board, effective January 1, 2015.

Kjetil Ebbesberg will become the new executive vice president (EVP) for the Rolled Products business area, Hanne Simensen the new EVP for People & HSE (health, safety and environment), Anne-Lene Midseim the new EVP for CSR & General Counsel, and Inger Sethov EVP for Communication & Public Affairs, all joining Hydro's CMB.

Ebbesberg, 43, is currently head of Hydro's Holmestrand rolling mill in Norway and former EVP for Metal Markets. Ebbesberg, who holds an MA in business economics, has had a variety of senior commercial and operational jobs in Hydro since he started in 1996 and has also worked as CFO for Norwegian retailer COOP.

Hanne Simensen, 47, former head of HR in the Energy business area and currently head of Energy Markets in Hydro, will become new head of People & HSE. Anne-Lene Midseim, 46, currently company secretary and former Head of Staffs in Hydro's Bauxite & Alumina business area in Brazil, will take up the new CMB position as General Counsel & head of CSR. Current Senior Vice President for Communication & Public Affairs, Inger Sethov, 44, will continue to head the area as an EVP and member of the CMB.

Wenche Agerup, current General Counsel and EVP for People & Organization, HSE, CSR and Compliance, and Oliver Bell, EVP of Rolled Products, will leave the company to pursue other options.

Following the changes, Hydro's Corporate Management Board will consist of:

Svein Richard Brandtzæg President and CEO
Hilde Merete Aasheim EVP Primary Metal
Kjetil Ebbesberg EVP Rolled Products
Alberto Fabrini EVP Bauxite & Alumina
Eivind Kallevik EVP and CFO
Anne-Lene Midseim EVP CSR and General Counsel
Arvid Moss EVP Energy and Corporate Business Development
Inger Sethov EVP Communication & Public Affairs
Hanne Simensen EVP People & HSE

Please see www.hydro.com for full story and pictures.

Investor contact

Contact Pål Kildemo

Cellular +47 97096711

E-mail Pal.Kildemo@hydro.com

Press contact

Contact Halvor Molland

Cellular +47 92979797

E-mail Halvor.Molland@hydro.com

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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 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.

HUG#1878037

Source:Norsk Hydro