In light of Hydro's successful acquisition of VAW, Germany becomes Hydro's largest market and, next to Norway, the country with the largest concentration of operational activities. Some changes in Hydro's corporate management structure will also take place. Leiv L. Nergaars (57) has been appointed President of Hydro's holding companies in Germany, including those formed to accommodate the VAW acquisition, effective March 1, 2002. Nergaard will focus on optimizing Hydro's corporate presence in Germany and the European Union. Hydro's holding companies in the EU will continue reporting to Nergaard. He is presently Executive Vice President and Chief Financial Officer. John O. Ottestad will join the Corporate Management Board as Executive Vice President and Chief Financial Officer, effective March 1, 2002. The Corporate Strategy Team, Finance, Tax, Investor Relations, Mergers a Acquisitions and Accounting staffs will report to Ottestad, as will the Petrochemicals, Pronova and Hydro Business Partner divisions. Ottestad (52) is an engineer and has been with Hydro since 1975. His experience includes heading the Magnesium division and the Oil Marketing division. Ottestad presently heads up Mergers Acquisitions.
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