"At the same time, the Board of Directors is very pleased that a very capable and experienced manager from Hydro's ranks has agreed to take over from riding," said Vareberg.
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Svein Richard Brandtzæg, 51, is a member of Hydro's board of directors responsible for the Aluminum Products division, Hydro's aluminum processing business with approximately 16,500 employees. Brandtzæg, who holds a PhD in chemistry from the Norwegian University of Technology in Trondheim, is also head of Hydro's technology council (Hydro Technology Board).
Since joining the Årdal og Sunndal Verk aluminum company in 1985, Brandtzæg has held numerous leadership positions throughout Hydro's aluminum value chain - in aluminum production and processing both in and outside of Norway.
“Brandtzæg has an extraordinarily versatile competence and a very solid experience in the Norwegian and international aluminum business. He has proven to be a strong and energetic leader at Hydro over the 23 years, ”explains Vareberg.
Riding resigns after eight years as CEO
Eivind riding, 55, has been working in Hydro since 1986 and has headed the company since May 2001.
“I have always assumed seven to eight years as an appropriate time frame for me as head of the company. It will be eight years this spring and now it is time to release new strengths, "said riding.
Riding has held numerous leadership positions in aluminum, magnesium, agriculture, petroleum and energy over the course of nearly 23 years in Hydro. He has led Hydro through the most extensive restructuring in the company's 103 year history, from an industrial conglomerate to today's aluminum and energy company.
“Eivind riding has made a name for itself as one of the leading industry leaders in Norway. As the CEO of Hydro, he campaigned for a difficult but absolutely necessary change in the company and thus laid the foundation for internationally competitive activities in the fields of agriculture, oil, energy and aluminum, ”emphasizes Vareberg.
Horseback riding has also been Minister of Petroleum and Energy, Minister of Fisheries and Secretary of State in the Treasury Department.
The riding contract with Hydro, which was concluded in 2001 and renegotiated in 2004, provides for a 3-year salary payment. Details of the remuneration and the conditions for a withdrawal are described in the company's annual report. You can find this in English on the Hydro website at www.hydro.com .
: 12 January 2009