Oslo (2006-08-25): Yara International ASA announces organizational adjustments to support its long-term growth ambition. A new business area with responsibility for supply and trade is established as part of Yara management team. In addition several key positions have been reassigned.
The following organizational changes will be effective from October 1:
* Daniel Clauw's contract with Yara, due to expire spring of 2007 has been prolonged. From October 1 Daniel Clauw will dedicate his time to pursuing step-growth initiatives on behalf of Yara. He will work in a consultancy role reporting to the CEO.
The new Yara Management Team:
* Ed Cavazuti is appointed as head of the Downstream business segment. He will relocate to Oslo from his current position as head of Business Unit Asia based in Singapore. * Hallgeir Storvik, presently CFO, is appointed head of the new business area, Supply and Trade. The unit is responsible for global optimization, trading of ammonia and fertilizer, sourcing of energy and raw materials, and business intelligence. Part of the objective is to improve and speed up decision-making in this area. Storvik will continue to be part of the Yara Management Team and ensure increased management focus on global optimization and trade. * Sven Ombudstvedt, presently head of Upstream, is appointed CFO and head of strategy. * Tor Holba, presently head of Downstream, is appointed head of the Upstream business segment. * Terje Bakken (Industrial), Anne Grethe Dalane (HR), Arne Cartridge (Communications) and Ken Wallace (Legal) will continue in their current positions. * The financial reporting will continue based on the existing segment structure. Supply and Trade will not be reported as a separate business segment.
Torgeir Kvidal, Investor Relations Telephone (+47) 24 15 72 95 Cellular (+47) 91 339 832 E-mail firstname.lastname@example.org
Arne Cartridge, Media Relations Telephone (+47) 24 15 73 01 Cellular (+47) 47 900 900 E-mail email@example.com
Yara International ASA is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of 6800 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry. www.yara.com