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Change of CFO in Norsk Hydro ASA

OSLO, NORWAY -- (Marketwire) -- 12/18/12 -- 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


Investor contact in Hydro
Contact Rikard Lindqvist
Cellular +47 41751199
E-mail Email Contact

Press contact in Hydro
Contact Halvor Molland
Cellular +47 92979797
E-mail Email Contact

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