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Norsk Hydro Taps Jan Reinaas As Chairman

December 17, 2003

OSLO, Norway (AP) _ Norsk Hydro ASA said Wednesday a committee had nominated veteran business leader Jan Reinaas to become the company’s chairman.

Reinaas, 60, is stepping down after nearly a decade as chief executive of Norsk Skog, the world’s second-biggest producer of newsprint and magazine paper. He is also a former chief executive of the Scandinavian Airlines System.

The current board chairman, Egil Myklebost, 60, said in November that he planned to step down. He was elected chairman in May 2001, after he stepped down as president and chief executive, a post he held since 1991.

Oslo-based Norsk Hydro, which has interests in petroleum and light metals, said a nomination committee was unanimous in its selection of Reinaas, making his election by the corporate assembly in March virtually assured.

Reinaas, an economist, has previously been chairman of the Sparebanken Midt-Norge banking group, the Norwegian national postal service and state railroad NSB.

He was credited with turning Norske Skog into a global paper company, commanding a 13 percent share of the world market for newsprint and magazine paper.

Norsk Hydro is one of Norway’s largest companies, with 43,000 employees in 60 countries. In is currently splitting off its fertilizers division, Hydro Agri, into a separate company.

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