November 19, 2018 / 9:17 AM / a month ago

Fertiliser maker Yara replaces CFO for second time in eight months

OSLO, Nov 19 (Reuters) - Yara Chief Financial Officer Petter Oestboe has resigned with immediate effect amid poor relations with Chief Executive Officer Svein Tore Holsether, the Norwegian fertiliser maker said on Monday.

“The cooperation between the two, the chief executive and the CFO, did not function well enough,” Yara spokeswoman Kristin Nordal said of Oestboe’s departure.

Oestboe had been named CFO as part of a management reshuffle in March, replacing Torgeir Kvidal who was moved to a less prominent position as head of the company’s mining operation.

The company declined to elaborate on the nature of the latest dispute, but said it was not linked to its results.

“This change is not related to Yara’s financial performance nor any disagreement around strategic direction. We separate on good terms,” Holsether said in a statement.

Oestboe will be replaced by Lars Roesaeg, who joined the company from metals maker Sapa in 2017.

Yara’s shares were down 1.4 percent at 0900 GMT, lagging a 0.4 percent rise in the Oslo benchmark index. Its shares are down 5.6 percent year to date. (Reporting by Ole Petter Skonnord; writing by Terje Solsvik; editing by Jason Neely)

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