Svein Richard Brandtzæg will stay on as President and CEO of Norwegian aluminium company Norsk Hydro ASA.
"We are very pleased that Brandtzæg has decided to continue as President and CEO of Hydro," said Dag Mejdell, chair of Hydro's Board of Directors. "Brandtzæg has led the company in a steady and robust manner, turning Hydro into a world-leading aluminium company. The Board of Directors remains confident that he is the best CEO to lead the company in the future."
After Brandtzæg notified Hydro's Board of Directors in July that he would resign from Hydro to become President and CEO of Norwegian fertilizers company Yara International ASA, Hydro's Board of Directors asked Brandtzæg to reconsider. Brandtzæg has now decided to withdraw his resignation and stay on as CEO of Hydro. His decision has been accepted and welcomed by the Board.
"I have concluded that the most exciting and rewarding challenges are exactly here in Hydro. Hydro's commercial and operational position, together with the best workforce in the industry, gives promising opportunities for a future that I want to be part of," said President and CEO Svein Richard Brandtzæg. "Hydro is where I belong, and aluminium remains my first choice."
Brandtzæg joined Hydro in 1986 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 has been Hydro's President and CEO since March 2009.
Brandtzæg's terms and conditions remain unchanged.
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E-mail Pål.Kildemo@hydro.com
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Contact Halvor Molland
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E-mail Halvor.Molland@hydro.com
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.
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