The Brandtzæg replacement process has already started and Hydro's new CEO will be announced in due course. Brandtzæg will continue to serve as president until then.

"The Board of Directors regrets Brandtzæg's decision to leave the company. In his nearly 30 years at Hydro, Brandtzæg has always been a great resource for the company, especially as CEO since 2009. Along with senior management solid and competent, he directed Hydro in difficult times and in weak markets, taking vigorous steps to ensure that we had a favorable position for a bright future as a leading global aluminum company, "said Chairman of the Board, Dag Mejdell.

"Your determination and commitment to increasing Hydro's market and cost position, especially its ambitious" 300 Dollars "program, has put us ahead of the industry in operational performance. The focus on operational performance, which has become a brand of Hydro, will continue with all its vigor in the new direction, "said Mejdell. "We wish you the best of luck in your new position".

Brandtzæg joined Hydro in 1985 and held several positions, including executive vice president and director of Produtos de Alumínio, director of Produtos Laminados, director of Produtos de Metal and director of Magnésio. He took over as executive chairman of Hydro in March 2009.

"It was a difficult decision, but I felt it was time to find new challenges," he said.

"It was a privilege to be able to work for Hydro for so many exciting years. I would like to thank my competent colleagues throughout the production chain, who have enabled Hydro to become a true global leader in the aluminum industry. My commitment remains pursue Hydro's goals until the new CEO takes over, "said Brandtzæg.