Norsk Hydro : Change of CFO in Norsk Hydro ASA
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 business area, will become effective from February 15, 2013.
"Kallevik has broad operational and strategic experience from Hydro's entire
value chain, giving him a solid platform for the job as Hydro's CFO," says
Hydro President and CEO Svein Richard Brandtzæg. "Following two years in
Brazil, Kallevik has acquired first-hand experience and in-depth understanding
of the strategically important Bauxite & Alumina business area."
Kallevik holds a Master's degree in Business Administration from the
University 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 treasury.
He will replace EVP and CFO Jørgen C. Arentz Rostrup, who will leave Hydro to
pursue other opportunities.
"Rostrup, after serving in a numerous key positions throughout the company,
has 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 the future," Brandtzæg 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.
Investor contact in Hydro
Contact Rikard Lindqvist
Cellular +47 41751199
Press contact in Hydro
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
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.
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(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
information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
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