Rostrup new CFO in Hydro, Sæter new Head of Energy

by Hydro Aluminium AS 10 Mar 08:33

(March 10, 2009)
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.

NEW CFO: Jørgen C. Arentz Rostrup
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.

Press contact
Contact Inger Sethov
Telephone +47 22532036
Cellular +47 95022359
E-mail Inger.Sethov@hydro.com

Investor contact
Contact Stefan Solberg
Telephone +47 22539280
Cellular +47 91727528
E-mail Stefan.Solberg@hydro.com