CEO regrets chairman's resignation

(Aug. 5, 2007) Hydro President and Chief Executive Officer Eivind Reiten says he regrets Jan Reinås' decision to resign as chairman of the company's Board of Directors. He points out that Reinås has had a key role in the restructuring of the company, contributing to substantial shareholder value.

"Although I respect his decision, it is disappointing," says Reiten.

"Jan Reinås has been a very good chairman for Hydro in a period with major change. The oil and gas merger with Statoil, the restructuring of our aluminium operations, the decision to build an aluminium plant in Qatar the sale of Hydro Polymers are among milestone decisions that the board has made under his direction. In addition to his role as board chairman, he has been a good advisor for me in an exciting time for Hydro.

"The 'new' Hydro could use a man like him on the team," says Reiten.