AGR Nominates New Chairman

AGR Group nominated former Minister of Energy of Norway and former CEO of Norsk Hydro ASA, Eivind Reiten as new Chairman of the Board of Directors. 

Economist, Eivind Reiten, who was Minister of Petroleum and Energy between 1989 and 1990 is currently a Director of AGR Group and is set to assume the Chairman role from Hugo Maurstad following the Company's Annual General Assembly May 28, 2010. Hugo Maurstad, a Partner with the main shareholder Altor Equity Partners, will continue as a Director. 

Sverre Skogen, CEO of AGR Group said, "Eivind's experience of the energy sector has already been a significant benefit to AGR and we are grateful that he is prepared to take on this new position and look forward to working together to shape the Company's direction." 

"Hugo has helped steer the company through some challenging times and we are grateful for his support. I would like to take this opportunity to thank Hugo for his hard work and strong support." 

Eivind Reiten was President and CEO of Norsk Hydro ASA, a position he held from 2001 until 2009. In the period since 1986, he has held several management positions in the various Hydro divisions. 

He was engaged in politics prior to 1986 and from 1989-1991, where he held positions as Minister of Petroleum and Energy, State Secretary in Ministry of Finance, and Minister of Fisheries. 

Eivind Reiten said, "During my time as a Director of AGR, I have been very impressed with the high levels of professionalism and dedication throughout the Company. AGR has an enviable reputation for innovation and quality, a range of unique technologies with high potential and it is an honour to have the opportunity to be part of it." 

Reynir Indahl, a Partner of the main shareholder Altor Equity Partners, will take on the role as Vice Chairman of the Board.