Sector News

Fertiliser maker Yara picks CEO from metals group Sapa

March 30, 2015
Chemical Value Chain
(Reuters) – Norwegian fertiliser maker Yara International has hired the head of Swedish aluminium products group Sapa as its new chief executive, it said on Monday, ending a run of failed attempts to recruit a permanent CEO.
 
Svein Tore Holsether will take up the position at the world’s biggest nitrogen-based fertiliser by October 1, Yara said.
 
The company had originally hired aluminium maker Norsk Hydro’s CEO Svein Richard Brandtzaeg to run the firm, but he withdrew before taking up the post when Yara began merger talks with Chicago-based CF Industries last September.
 
During the talks, which ultimately failed, Yara abruptly fired its then-CEO Joergen Ole Hasslestad, declaring him unfit to handle the negotiations and instead promoting Chief Financial Officer Torgeir Kvidal as acting CEO.
 
Kvidal will return to the position of CFO, Yara said.
 
Sweden’s Sapa is 50 percent owned by Norsk Hydro and 50 percent by Norwegian conglomerate Orkla. (Reporting by Terje Solsvik; editing by Jason Neely)
 
 

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