Change of CFO in Hydro

Eivind Kallevik has been appointed Executive Vice President and Chief Financial Officer for the 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."

NEW CFO: Eivind Kallevik shown at a visit to the Albras aluminium plant in Brazil

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.

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