Øystein Løseth new CEO at Vattenfall

Norwegian economist Øystein Løseth (51) has been appointed new CEO of the Swedish state owned energy producer Vattenfall. He succeeds Lars G. Josefsson who retires in 2010 at the age of 60.

“The board has now concluded its succession planning, which included both internal and external candidates. We are pleased to have found in Øystein Løseth an internal candidate who in the best of ways meets our needs,” said Lars Westerberg, Chairman of Board of Vattenfall.

Øystein Løseth is currently CEO of the Dutch company Nuon Energy, 49 per cent owned by Vattenfall. Øystein Løseth was appointed first senior executive vice president in Vattenfall AB and deputy CEO for the Group at Monday’s board meeting.

Øystein Løseth will work in parallel with Lars G. Josefsson for a period of time to familiarise himself with the entire Vattenfall operation. When this introduction is completed, prior to the summer of 2010, Øystein Løseth will take the reins as CEO. “This will be a good transfer process, one which takes into account the complexity of Vattenfall’s operations and the assets Vattenfall owns and manages,” said Lars Westerberg.

Øystein Løseth is 51 years of age and has served as CEO of Nuon Energy since April 2008 where he has worked since 2003. Prior to joining Nuon Energy, he was a member of the management team at the Norwegian energy company Statkraft, with responsibility for production and project development. He also previously held positions at Naturkraft, Alliance Gas and Statoil.

Vattenfall is Europe's fifth largest generator of electricity and the largest generator of heat, with operations in Denmark, Finland, Germany, United Kingdom, Poland, Netherlands and Sweden.

(NRK/Press release)

Rolleiv Solholm

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