Mr. Egil Myklebust, President and Chief Executive Officer of Norsk Hydro ASA, has informed the Board of Directors that he wishes to resign from his present position after serving as the company’s top executive since 15 February 1991. The Board has today selected Mr. Eivind Reiten as his successor. Mr. Reiten, who presently is Executive Vice President and a member of Corporate Management with responsibility for Hydro’s Light Metals business area, will assume his new position on 2 May 2001.
" The Board’s view is that Mr. Reiten has qualifications and experience which will make him a good leader for Hydro. He will be able to further develop the company’s many attractive and exciting opportunities in a way which will create value for the owners, the employees and the communities where the company operates. He has produced good results and gained valuable management experience from previous positions in all of Hydro’s three core business areas and from his external directorships", says Mr. Einar Kloster, Hydro’s Chairman of the Board.
Reiten (47) has a Master’s degree in Economics from the University of Oslo. He started working for Norsk Hydro in 1986 in the company’s Agri division. He has been head of the divisions Hydro Energy (1988-90), Refining and Marketing (1992-96) and Hydro Aluminium Metal Products from 1996 until he was promoted in 1999 to his present position as Executive Vice President and member of Corporate Management. Reiten has also held several important political positions, including Deputy Minister of Finance (1983-85), Minister of Fisheries (1985-86) and Minister of Oil and Energy (1990-91).
Reiten has also been a member of the boards of several other large Norwegian companies. He is presently Chairman of the Board of Telenor ASA and has been Chairman of the Board of the Norwegian Post Office (1995-1999). He has also been a member of the boards of Dyno Industrier ASA and Norske Skog ASA. After assuming his new position in Hydro, Reiten will withdraw from the board of Telenor.
Myklebust (58) will, in line with his employment contract, after his resignation as President and CEO continue to be employed by Hydro as a special adviser and, among other tasks, continue his active engagement in international organizations such as the World Business Council for Sustainable Development (WBCSD).