Hydro’s head of Energy, Jørgen C. Arentz Rostrup, will take over as the company’s Chief Financial Officer, effective May 1. Rostrup, 43, will continue as a member of the company’s Corporate Management Board and report to Svein Richard Brandtzæg, who takes over as Hydro President and CEO on March 30.
Current CFO John Ove Ottestad, 59, will step down from the Corporate Management Board and enter a new role as advisor to the President and CEO.
Ola Sæter, 48, who is currently heading the power portfolio and trading activities within the Energy business area, will become the new head of Energy.
Rostrup became member of the Corporate Management Board in October 2007 with responsibility for Hydro’s Energy business area, including power production facilities and solar energy activities. Since joining Hydro in 1991, Rostrup has held a number of management positions in energy, finance and international business development in Norway, the United States and Singapore.
Rostrup was responsible for all marketing activities in Oil & Energy before the merger with Statoil, and was CFO of Oil & Gas Norway at the time of Hydro’s merger with Saga Petroleum. Rostrup holds a Master’s degree from the Norwegian School of Economics and Business Administration (NHH).
Sæter has been with Hydro since 1983 and held several management positions within the company’s oil and energy businesses. As Head of Energy, Sæter will join the Corporate Management Board, reporting to Brandtzæg.
Ottestad has been with Hydro since 1975 and has held numerous leading positions in the company. Ottestad was appointed Chief Financial Officer in 2002.
Contact Inger Sethov
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Contact Stefan Solberg
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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.