Norsk Hydro's ASA's chief executive will resign after nearly eight years of leading the Norwegian aluminum and power generation group, the company announced Monday.
Eivind Reiten, 55, led the Oslo-based company through a period of major restructuring that included the spin-off and sale of its agricultural fertilizers unit in 2004 and the sale of its oil and gas unit to Norwegian rival Statoil ASA in 2007 to form StatoilHydro ASA.
He will be replaced on March 30 by executive vice president for Hydro's aluminum products unit Seven Richard Brandtzaeg, the company said.
"I have always considered seven to eight years as an appropriate horizon for my time as head of Hydro," said Reiten, a former government minister who joined the group in 1986.
Hydro shares opened at 29 kroner ($4.15) on the Oslo stock exchange, down 3.3 percent.
———
On the Net:
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Quotes delayed 15 minutes for NASDAQ. 20 minutes for NYSE and AMEX. Market Data provided by Interactive Data. Terms & Conditions.
Powered and implemented by Interactive Data Managed Solutions
