Yara International ASA announces organizational and management changes, to improve strategic focus and execution.
“After spending recent months visiting numerous Yara sites, meeting employees and conducting business and organizational reviews, I have concluded on the key organizational changes needed to strengthen operational focus and improve alignment behind our strategic direction,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.
“It is clear to me that Yara’s employees are dedicated and work hard every day to deliver value to our customers, shareholders and society. I am confident that the changes announced today will sharpen our strategic focus on profitable growth and reinforcing our integrated business model,” said Holsether.
The following changes to Yara’s organizational structure and corporate management are effective immediately:
A new “Production” segment is established, comprising the former Upstream segment and also Yara’s mining activities, as these will increasingly be focused on production going forward. This segment will focus on securing the long-term competitiveness of Yara’s production assets, and will be headed by Petter Østbø, formerly head of Yara’s Gas and Industrial Applications business line. A strategic review of Yara’s production base has already been initiated. Gerd Löbbert will step down as Head of Upstream and leave the company.
A new “Supply Chain” segment is established, comprising the former Supply & Trade segment and also Yara’s IT function, which has a critical role in enabling efficient supply chain operations. This segment will focus on strengthening Yara’s long-term competitive edge in sourcing and logistical operations, and will be headed by Tove Andersen, formerly head of Yara’s Supply Chain Europe unit.
Alvin Rosvoll, formerly head of Yara’s Supply & Trade segment will take up the newly established position as Senior VP for Partner Operations, with responsibility for securing Yara’s interests in its largest joint ventures.
The Downstream segment is re-named “Crop Nutrition”, and will continue the direction outlined in its recently developed strategy. The segment will continue to be headed by Terje Knutsen.
Lair Hanzen, formerly head of Yara’s Downstream unit in Brazil, will take up the newly established position as Senior VP for Yara Brazil. Hanzen will be responsible for the entire Yara portfolio in Brazil, including the Galvani joint venture and all strategic projects in the country. Yara’s segment financial reporting is not affected.
Kristine Ryssdal, currently Vice President Legal in Statoil ASA, will take up the position as Yara Chief Legal Officer, effective latest 31 May. Trygve Faksvaag will step down as Chief Legal Officer once Ryssdal joins, but continue working in Yara’s Legal department.
A review of Yara’s corporate functions is in progress, and Bente Slaatten has consequently decided to step down as Chief Communication and Branding Officer and leave the company.
The Communication and HR functions will report to CFO Torgeir Kvidal until further notice, and Kaija Korolainen has decided to step down as Chief HR Officer and leave the company.
“I am convinced that these changes will strengthen Yara going forward. At the same time I want to thank my colleagues who are leaving the executive management group, for their hard work and dedication to Yara,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.