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Yara chairman steps down after bribery fine

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Bernt Reitan (right) with Yara CEO Jørgen Ole Haslestad during the press conference about the company's fine. Photo: Vegard Grøtt / NTB Scanpix
17:08 CEST+02:00
The chairman of Norwegian fertiliser giant Yara is stepping down just months after police in Norway charged four former executives for corruption and the company agreed to pay Norway's biggest ever corporate fine.
Bernt Reitan had come under intense criticism from shareholders for his handling of a three-year case over bribes paid to officials in Libya, India and Russia. 
 
He said on Monday that he was retiring from the job early because he wanted to spend more time with his family. 
 
"Based on an overall assessment of my workload and a desire for more family time, I have come to the conclusion, after careful consideration, that the time has come not to stand for re- election to the time-consuming chairmanship of Yara," Reitan said in a statement to the E24 website. 
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The company's nomination committee has suggested that Reitan's place be taken by Leif Teksum, a banker at DNB. 

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