Norsk Hydro ASA (Hydro) has appointed Jorgen C. Arentz Rostrup as its chief financial officer (CFO), effective May 1, 2009. Svein Richard Brandtzaeg has been appointed as president and chief executive officer (CEO) of the company, effective March 30, 2009. Current CFO John Ove Ottestad, will step down from the corporate management board and enter a new role as advisor to the president and CEO. Ola Saeter will become the new head of energy.
Ola Saeter is currently heading the power portfolio and trading activities within the Energy business area.
Currently, Rostrup is the head of Energy.
Rostrup will also continue as a member of the company’s corporate management board and report to Svein Richard Brandtzaeg.
Ola Saeter, 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 US 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.
Saeter has been with Hydro since 1983 and held several management positions within the company’s oil and energy businesses. As head of energy, Saeter will join the corporate management board, reporting to Brandtzaeg.
Ottestad has been with Hydro since 1975 and has held numerous leading positions in the company. Ottestad has been appointed as CFO in 2002.