By Dominic Chopping

Norwegian chemical group Yara ASA (YAR.OS) has named Svein Richard Brandtzaeg as their new Chief Executive Officer, the company said Monday.

Mr. Brandtzaeg currently serves as CEO of Norsk Hydro ASA (NHY.OS) and will succeed Jorgen Ole Haslestad who is retiring.

Mr. Brandtzaeg will take on his new position at the latest February 1, 2015.

Shares closed Friday at NOK287.50, valuing the company at NOK79.42 billion.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

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