Change of CFO in Norsk Hydro ASA
OSLO, NORWAY -- (Marketwire) -- 12/18/12 -- Eivind Kallevik has been
appointed Executive Vice President and Chief Financial Officer for
Norwegian aluminium company Norsk Hydro ASA. The appointment of
Kallevik, currently head of Finance in Hydro's Bauxite & Alumina
will become effective from February 15, 2013.
"Kallevik has broad operational and strategic experience from Hydro's
value chain, giving him a solid platform for the job as
Hydro's CFO," says Hydro
President and CEO Svein Richard Brandtzaeg.
"Following two years in Brazil,
Kallevik has acquired first-hand
experience and in-depth understanding of the
Bauxite & Alumina business area."
Kallevik holds a Master's degree in Business Administration from the
of San Francisco. He has worked in Hydro since 1998 in a
variety of senior positions in the corporate center and in business
areas along the value chain,
in Norway and internationally. His Hydro
career includes core positions within
the finance area, including
corporate accounting, financial reporting, performance management and
He will replace EVP and CFO Jorgen C. Arentz Rostrup, who will leave
Hydro to pursue other opportunities.
"Rostrup, after serving in a numerous key positions throughout the
done a tremendous job in a critical transformation phase
for Hydro, when the
company has executed two major transactions - the
Vale bauxite and alumina acquisition in 2011 and the planned Sapa
joint venture, expected to close in
first half 2013. He has been a
driving force behind impressively effective improvement programs,
which have provided the company with a solid platform for
future," Brandtzaeg says.
"After 22 years in Hydro, I have had a very interesting career
covering the oil,
gas and power sectors, as well as aluminium, within
commercial, operational and
financial areas," Rostrup says. "I am
leaving Hydro, a strong company with great
colleagues, in order to
take on new opportunities."
Kallevik will join Hydro's Corporate Management Board at the same
time as he
takes over as CFO.
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,
production volumes and costs, capacities or rates, start-up
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
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
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
and the value of commodity contracts; trends in Hydro's
key markets and competition; and legislative, regulatory and
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
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
Investor contact in Hydro
Contact Rikard Lindqvist
Cellular +47 41751199
Press contact in Hydro
Contact Halvor Molland
Cellular +47 92979797
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