The president of Norsk Hydro, Norway’s largest publicly listed company, will resign in May. Egil Myklebust (58) will be succeeded by Eivand Reiten (47), a vice president in the Oslo-based company.

Myklebust has led Norsk Hydro for ten years and will continue to work as a consultant to the company.

Reiten is a ‘natural successor’ to Myklebust, according to a company spokesman. A former government minister of fisheries and oil, he joined Norsk Hydro in 1986 and has headed each of its three divisions. At the same time he is chairman of the board of both the Norwegian state telecommunications company Telenor ASA and the country’s post office.

Norsk Hydro generates 10TWh of hydroelectricity. The company owns over a dozen plants in Norway and a small number of industrial schemes internationally.