Norsk Hydro: New CEO to focus on lifting profitability and drive sustainability
May 08 2019 - 1:00AM
Hilde Merete Aasheim assumed her position as Hydro’s new
President and CEO on Wednesday, aiming to lift profitability and
accelerate the company’s drive to become a leading provider of
advanced, low-carbon products and solutions.
Aasheim introduced several measures in support of her business
agenda, which include renewing the company’s corporate management
board, restructuring and strategic review of the Rolled Products
business area, ensuring stricter capital discipline and capital
allocation, as well as revitalizing on-going improvement programs
and identifying new improvement ambitions in all business areas and
staffs. A reinforced improvement agenda for the company will be
developed and presented during the third quarter.
“While we remain optimistic about the long-term prospects for
aluminium and Hydro as the world moves towards the low-carbon,
circular economy, we must acknowledge the challenges that must be
addressed to strengthen our performance and cash generation,”
Aasheim says, adding that Alunorte must be returned to full
production as soon as possible to allow for normal operations in
Brazil.
“We will increase our ambitions on operational excellence and
ensure stricter financial discipline going forward, and we will
explore all options to improve earnings from Rolled Products for
the future,” she says.
Eivind Kallevik is will take over as head of Primary Metal after
Hilde Merete Aasheim, effective August 15. Einar Glomnes, former
head of global joint ventures in Primary Metal, is replacing head
of Rolled Products Kjetil Ebbesberg, effective immediately, while
Pål Kildemo will take over as CFO after Eivind Kallevik, effective
August 15. In the interim period, Kildemo will be acting head of
Primary Metal in addition to his current role as Head of Finance in
Primary Metal.
Innovation and sustainability
According to Aasheim, Hydro will increase its efforts within
advanced, low-carbon aluminium products and solutions, based on a
more sustainable footprint through the value chain and life-cycle
of aluminium.
“Customers are increasingly seeking advanced solutions with the
lowest-possible impact, from building and construction to
automotive, packaging and electronics. This enables us to
commercialize our best-in-class footprint and leading positions
within process technology and product innovation,” says
Aasheim.
Hydro is already the only aluminium company able to provide the
global building and construction sector with solutions containing
at least 75 percent post-consumer scrap through its certified 75R
alloy, and also offers low-carbon primary aluminium with a maximum
CO2-footprint of 4 kilos per kilo aluminium.
Investor contacts Stian Hasle +47 97736022
Stian.Hasle@hydro.com
Olena Lepikhina +47 96853035 Olena.Lepikhina@hydro.com
Press contact Halvor Molland +47 92979797
Halvor.Molland@hydro.com
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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