"We are very pleased that Brandtzæg has decided to continue as President and CEO of Hydro," said Dag Mejdell, chair of Hydro's Board of Directors. "Brandtzæg has led the company in a steady and robust manner, turning Hydro into a world-leading aluminium company. The Board of Directors remains confident that he is the best CEO to lead the company in the future."

After Brandtzæg notified Hydro's Board of Directors in July that he would resign from Hydro to become President and CEO of Norwegian fertilizers company Yara International ASA, Hydro's Board of Directors asked Brandtzæg to reconsider. Brandtzæg has now decided to withdraw his resignation and stay on as CEO of Hydro. His decision has been accepted and welcomed by the Board.

"I have concluded that the most exciting and rewarding challenges are exactly here in Hydro. 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," said President and CEO Svein Richard Brandtzæg. "Hydro is where I belong, and aluminium remains my first choice."

Brandtzæg joined Hydro in 1986 and has held various positions, including EVP and Head of Aluminium Products, Head of Rolled Products, Head of Metal Products and Head of Magnesium. He has been Hydro's President and CEO since March 2009.

Brandtzæg's terms and conditions remain unchanged.