New boss for Norsk Hydro

Eivind Reitan has been named the new chief executive of Norsk Hydro, Norway's second-largest concern and a major player in the international petroleum, chemical and aluminium industries.

Mr. Reitan, 47, has been one of outgoing chief Egil Myklebust's top lieutenants, and it was Mr. Myklebust who proposed Mr. Reitan for the top job. While Norsk Hydro's stock price has not kept pace with industry averages over the past decade, Mr. Reitan vowed to bring a profit-oriented approach to the job. "I will be a more impatient leader," he said, "and I believe there are opportunities for the company to be better managed and so create higher profits." The company is partially owned by the state.