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Examples
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Mr. Reiten earned full pension rights when he turned 55 last year, giving him the right to three years salary on resignation as CEO but not extending beyond his 60th year, according to Hydro's latest annual report.
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Mr. Reiten earned full pension rights when he turned 55 last year, giving him the right to three years of salary upon his resignation as CEO but not extending beyond age 60, according to Hydro's latest annual report.
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"Underlying results from Hydro's downstream operations improved, supported by a seasonal increase in demand and costs cutting measures that were implemented at an early stage in the market downturn."
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However, he has been the subject of intense criticism in Norway since allegations of company corruption relating to Hydro's old oil and gas operations were revealed just as Statoil completed its acquisition of Hydro's assets.
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Eivind Reiten, is to be succeeded by Svein Richard Brandtzaeg, executive vice president for Hydro's aluminum products.
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OSLO -- Norwegian aluminum company Norsk Hydro ASA said Monday its chief executive will step down March 30 to be replaced by Svein Richard Brandtzaeg, executive vice president for Hydro's aluminum products area.
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"To secure raw material for our aluminum production is a key element in Hydro's growth strategy," Chief Executive Eivind Reiten said.
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While there were no explicit penalties, "we would lose all credibility if we didn't do the work," says Bernt Alfred Malme, Hydro's environmental officer.
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The 2007 earnings include Hydro's oil and gas portfolio.
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The cost of the exploration parcels would be well within Hydro's retained earnings and the company would have a decade to arrange exploration.
Pollyanna Dunderdale Part 2: The Labrador Land Plots Ed Hollett 2007
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