The Board of Directors of Yara International ASA has appointed Mr. Svein Tore Holsether as the company's new President and Chief Executive Officer. He will succeed acting CEO Torgeir Kvidal within October 2015.
Holsether currently serves as President and CEO of Sapa Group, a position he has held since 2011. Prior to this, he has held a number of management positions in Elkem, Orkla and Sapa. Holsether was born in Norway in 1972 and holds a BSc in Finance from the University of Utah.
"Svein Tore Holsether is a perfect fit for Yara, and the Board of Directors is very satisfied that he has decided to join the company. His extensive background from international industry coupled with his personal capabilities makes him highly qualified for the position as CEO," said Leif Teksum, Chairman of the Board of Directors in Yara.
"I am very pleased to have the opportunity to join Yara. The company performs very well and holds a unique position throughout its global footprint. In a time of many worldwide challenges, I look forward to working on solutions addressing issues of fundamental needs like food security and protection of the environment," said Svein Tore Holsether.
Torgeir Kvidal, who has served as acting CEO since October 2014 will resume his previous position as Chief Financial Officer. At the same time, Thor Giæver, currently acting CFO, will return to his position as Head of Investor Relations.
"Torgeir Kvidal has done an excellent job as acting CEO over the last months, as also recognized by the employees and external stakeholders. At the same time, the Board of Directors appreciates his wish of returning to the position as CFO, in which he will continue to be a valuable contributor in the management team," said Leif Teksum.
Holsether will join Yara within 1 Ocotber 2015.
For more information
Yara
Bernhard Stormyr, Media Relations
C: (+47) 901 07 685
Anders Lerstad, Investor Relations
C: (+47) 934 26 954