By Kjetil Malkenes Hovland
OSLO--Norwegian chemical company Yara International ASA (YAR.OS)
said Monday it appointed Svein Tore Holsether as its chief
executive following the departure in October of Jorgen Ole
Haslestad.
Mr. Holsether, 42, has been the chief executive of aluminum
products company Sapa, a 50-50 joint venture between Yara and Norsk
Hydro ASA, since 2011. Sapa said it regretted his decision to
leave.
Yara decided in October that Mr. Haslestad, who had been Yara's
chief executive since 2008, wasn't the right person to lead the
company amid merger talks with CF Industries, based in Deerfield,
Ill. The merger would have created a fertilizer company with around
$18 billion in annual sales, but was shelved later the same month
as the companies couldn't agree terms.
Mr. Holsether will take the helm at Yara in October. Acting
Chief Executive Torgeir Kvidal will resume his previous position as
chief financial officer.
"Svein Tore Holsether is a perfect fit for Yara, and the board
of directors is very satisfied that he has decided to join," said
Yara Chairman Leif Teksum. "His extensive background from
international industry coupled with his personal capabilities makes
him highly qualified."
Yara "performs very well and holds a unique position throughout
its global footprint," said Mr. Holsether.
With a market capitalization of 114 billion kroner ($14.2
billion), Yara is Norway's fourth-biggest listed company. It has
been investing heavily in new projects, including $490 million in
an ammonia plant in Freeport, Texas, together with Germany's BASF
SE.
Mr. Holsether will be expected to continue Yara's
anti-corruption work, after the part state-owned company in January
last year accepted Norway's biggest-ever corporate fine of 295
million kroner, after it admitted to paying bribes in Libya, India
and Russia several years ago.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
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