Brandtzaeg dropper Yara merger plans – Aftenposten

Brandtzaeg dropper Yara merger plans – Aftenposten

This message comes a few days after it became clear that Yara is considering a merger with the American competitor CF Industries.

Yara announced in July that Brandtzaeg would take over as konsjernsjef Company, to great applause from the employees. But now he pulls out before he had time to begin.

The considered combined company would be run as a merger of equal parties, which would result in heavy fighting on the location of the head office, and who should get the CEO.

The state owns 36 percent of Yara. The Government sent its ownership report stated that it was not necessary to reduce state ownership in the company, and that the object of ownership is to keep the head office in Norway.

When Brandtzaeg now withdraw from leading the game, it can make it easier to get approval to keep the head office in Norway of a possible merger.

Struggled Brandtzaeg

Chairman Leif Teksum told DN earlier this week that Yara would fight for the top job should go to Brandtzaeg.

– We will gladly stand by the agreement we made with Brandtzaeg said Teksum.

Hydro writes in the press release that the company has asked Brandtzaeg reconsider his decision since he in July accepted the position as Yara’s CEO.

– Belongs in Hydro

– I have concluded that the most exciting and rewarding challenges exist right here in Hydro. I belong in Hydro, and aluminum is my first choice, Brandtzaeg says in the press release.

– Brandtzaeg has now decided to withdraw his resignation and continue as CEO of Hydro. His decision is accepted and well received by the board, writes Hydro in the message.

Yara announced that Jørgen Ole Haslestad continue as acting CEO until further notice, while the board looks for new chief.

– A total board regrets Svein Richard Brandtzæg decision, but taking note of the decision, says Leif Teksum Yara.

Leader Switched Yara was originally to take place no later than February 1, 2015, he would then replace Jørgen Ole Haslestad, which has led Yara since 2008

Brandtzaeg joined the company in 1985 and has occupied various positions, including Executive Vice President for aluminum products, head of rolled products, leader of hardware and leader of magnesium. He took over as CEO in March 2009.

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Published: 26 September,. 2,014 7:50