Vattenfall names Nuon chief as new CEO

STOCKHOLM - Swedish state-owned utility Vattenfall AB said Monday that Oeystein Loeseth, the head of Nuon Energy in the Netherlands, will replace Lars G. Josefsson as chief executive when Josefsson retires in 2010.

The company said Loeseth will work alongside Josefsson in the spring 2010 and take over completely before the summer 2010.

Vattenfall's management has come under fierce criticism in Swedish media after it leaked contradictory information to the press about a potential sale of its Swedish energy grid and investments in U.K. nuclear activities.

Sweden's Industry Minister Maud Olofsson last week acknowledged the confidence in the state-owned firm has been seriously damaged.

However, Vattenfall said it had started preparing to replace Josefsson, who turns 60 next year, before the controversy erupted.

"The board has now concluded its succession planning, which included both internal and external candidates," said Lars Westerberg, chairman of Vattenfall. "We are pleased to have found in Oeystein Loeseth an internal candidate who in the best of ways meets our needs."

"I am honored to be taking over from Lars G. Josefsson, and I see this as a fantastic opportunity to further build on our strengths — but also to take on the challenges that Vattenfall faces," Loeseth said.

Loeseth, 51, has worked for Nuon Energy — which is 49 percent-owned by Vattenfall — since 2003 and as CEO since April 2008. Before that he was part of the management of Norwegian energy company Statkraft.

Vattenfall acquired its stake in Nuon in February and said it will buy the remaining 51 percent in the coming six years.

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