Norsk Hydro ceo Svein Richard Brandtzæg has rescinded his resignation and will now remain at the company’s helm, Hydro said on Friday September 26.

Brandtzæg resigned from Hydro on July 21, having joined the company in 1985. Announcing his decision to join Norwegian fertilizers company Yara International ASA as its new ceo, he said: “It was the right time for me to move on to new challenges.”

But after several meetings with Hydro’s board, he has now withdrawn his resignation and will stay on as ceo, much to the board’s delight.

“We are very pleased that Brandtzæg has decided to continue as president and ceo of Hydro,” board chairman Dag Mejdell, who had publicly expressed regrets at Brandtzæg’s original decision, said in a statement.

“Brandtzæg has led the company in a steady and robust manner, turning Hydro into a world-leading aluminium company,” he added. “The board of directors remains confident that he is the best ceo to lead the company in the future.”

The terms and conditions of Brandtzæg’s contract remain unchanged, a spokesman for the company confirmed.

“I have concluded that the most exciting and rewarding challenges are exactly here in Hydro,” Brandtzæg said in a statement. “Hydro’s commercial and operational position, together with the best workforce in the industry, gives promising opportunities for a future that I want to be part of. Hydro is where I belong, and aluminium remains my first choice.”

Jethro Wookey
Twitter: @jethrowookey_mb