OSLO, NORWAY--(Marketwire - Dec 18, 2012) - 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.
*********
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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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
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