Hydro announces leadership changes

Hydro’s new President and CEO Eivind Kallevik, who assumed the position May 13, has introduced changes to the company’s executive leadership team, which is the new name of the corporate management board:

• Hanne Karine Simensen, former head of commercial in Hydro Aluminum Metal, will take over as executive vice president (EVP) of Hydro Aluminum Metal, following Eivind Kallevik. She has been with Hydro since 1994 in roles such as director and head of Hydro’s Global Business Services and EVP for People & Health Safety and Environment, as well as in several senior positions in Hydro within the energy business.
• Kari Ekelund Thørud, head of ownership governance in Hydro Energy, replaces Arvid Moss as EVP of Hydro Energy, who has decided to leave this role effective from July 1 after 16 years in Hydro’s executive leadership team. Moss will remain chairman of the board of Hydro Rein. Thørud has extensive experience in the energy industry, including as CEO of Nord Pool and deputy CEO and senior vice president ofHafslund Markets.
• Trond Olaf Christophersen, EVP of corporate development and interim chief financial officer (CFO), will take on the role of CFO, succeeding Pål Kildemo. Christophersen was appointed acting CFO March 6. Hydro days he has extensive experience in various roles at Hydro since he joined the company in 1997, including senior vice president and head of recycling in Aluminum Metal, key commercial leadership positions in Hydro Energy and Hydro Aluminum Metal, plant manager of Hydro’s Karmøy smelter as well as several commercial, business development and project roles in Hydro’s previous oil and gas activities. The corporate development portfolio will continue to report to Christophersen.

Hydro’s executive leadership team now consists of:

• President and CEO Kallevik;
• EVP and CFO Christophersen;
• EVP Hydro Bauxite & Alumina John Thuestad;
• EVP Hydro Energy Thørud (effective July 1);
• EVP Hydro Aluminum Metal Simensen;
• EVP Hydro Extrusions Paul Warton;
• EVP People and Health Safety and Environmental Hilde Vestheim Nordh;
• EVP Communication and Public Affairs Therese Rød Holm; and
• EVP Compliance, Intellectual Property and General Counsel Anne-Lene Midseim.

With the new executive leadership team, women now make up 55 percent of Hydro’s top leadership.

Kallevik also launched his agenda to accelerate Hydro’s green aluminum transition strategy, powered by renewable energy, by 2030.

“Hydro is the leading provider of low-carbon and recycled aluminum solutions,” Kallevik says. “To take the next big step towards pioneering the green aluminum transition, we are shifting gears to accelerate growth, value creation and sustainability.”

As an integrated aluminum producer, Hydro says it can pull levers in every step of production, from when bauxite is mined until shipments of aluminum solutions leave Hydro’s facilities.

The strategic direction toward 2030 was launched at the company’s Capital Markets Day in late 2023, with the company saying its 2030 strategy is about growth, value creation and sustainability.

“It’s about accelerating growth in recycling, extrusions and in the energy solutions supporting our decarbonization road map,” Kallevik says. “It’s about accelerating our ability to create value for all stakeholders, our employees, society, customers and investors. And it’s about accelerating our efforts within sustainability.”

Kallevik also stresses the importance of continued efforts to support Hydro’s target of zero work-related incidents, ensuring the safety and well-being of the company’s employees.

“People turn ambitions into results, and I look forward to working closely together with our 32,000 colleagues across the globe to accelerate growth, enhance value creation and to pioneer sustainability,” he says.

Controlling Hydro’s cost position and investing in continuous improvement remain fundamental going forward, according to the company. Current weaker market conditions do not change Hydro’s long-term outlook for overall increased aluminum demand, with demand for low-carbon aluminum expected to increase faster than overall demand growth through 2030.

“We have ambitious targets for continued improvements towards 2030, as well as commercial objectives," Kallevik adds. "We will not be able to invest in growth, value creation and sustainability unless we continuously strengthen our cost position and profitability."