Vattenfall to Start Recruitment for New CEO (Sweden)

Vattenfall’s CEO, Oystein Loseth has informed the Board of Directors that he does not want to negotiate an extension of his fixed-term contract, which is due to expire in March 2015. The Board of Directors has now begun the process of finding a successor.

Vattenfall’s CEO Øystein Løseth: “I have informed the Board that I do not wish to extend my contract after 2015. This is for personal reasons. I have notified the Board early in order to provide clarity and to give them sufficient time for recruitment. I shall remain fully committed to my work at Vattenfall until the end of my contract.”

Chairman of the Board Lars G Nordström: “We would like to thank Øystein Løseth for timely notifying us. Now the process of finding his replacement begins and the Board will compile a skills and requirements profile for this. Øystein Løseth will continue his work as CEO, with a focus on change management in particular, and he continues to have great faith in the Board and the organisation.”

Øystein Løseth’s contract with Vattenfall was signed in 2010 and will expire on 31st March 2015. Negotiations regarding a prolongation of the contract would have started in October 2013, but will now not be held due to Øystein Løseth’s decision. Instead, the Board of Directors will begin the recruitment process to find a successor to Mr Løseth.

[mappress]

Press release, October 29, 2013; Image: Vattenfall