Holsether leaves Sapa for position in Yara

Sapa's President & CEO Svein Tore Holsether has informed the Board of Directors that he will leave Sapa to take over as President & CEO for the Norwegian fertilizers group Yara International ASA. He will begin no later than October 1, 2015.

The process to find a replacement for Holsether has started, and a new President & CEO for Sapa will be announced in due time. He will continue as Sapa's top executive until further notice.

Svein Tore Holsether"The Board of Directors regrets Holsether's decision to leave the company. Holsether has done a solid job for Sapa throughout his time in the company, especially as CEO for the joint venture since 2013. Sapa is ahead of plan on delivering the NOK 1 billion synergy target set out for the joint venture, and the company has a capable management team and a strong organization. Sapa is in a good position to meet opportunities and challenges in the future," says Svein Richard Brandtzæg, Chairman of Sapa's Board of Directors.

"Sapa has become a world leader in aluminum solutions and I am confident the strong focus on continuous improvements and improved profitability will continue under a new leadership, says Brandtzæg.

Holsether joined Sapa in 2007 and has held various positions, including CFO. He took over as CEO in September 2011.

"It was a very difficult decision to make, but I feel that this would be the right time to hand over to a new person now that the integration is finalized," says Holsether.

"I felt that the opportunity to lead Yara was too exciting to be turned down. It has been very stimulating to be part of Sapa's journey, becoming the global leader in our industry, and it has been a true privilege to work with such passionate and competent people over the years. My commitment remains on delivering on Sapa's ambitions and targets until a new President & CEO is in place."