Lars G. Josefsson’s successor appointed. Øystein Løseth takes over as CEO before summer 2010
Since early summer 2009, Vattenfall’s board has been implementing a succession plan ahead of Lars G. Josefsson’s retirement 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 yesterday’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 is an extremely competent person with whom I look forward to working in anticipation of handing over the position of CEO,” said Lars G. Josefsson. “To me, Vattenfall is Europe’s most exciting energy company. Under Lars G. Josefsson’s leadership, a government-owned Swedish energy company has developed into one of the largest energy companies in Europe. I am honoured 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,” said Øystein Løseth. Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act. Øystein Løseth Øystein Løseth is 51 years of age and has served as CEO of the Dutch company 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. Press conference Time: Monday, 16 November 2009, 11:00 AM. Place: Vattenfall’s head office, Sturegatan 10, Stockholm. Participants: Lars Westerberg, Chairman of the Board, Vattenfall; Lars G. Josefsson, CEO, Vattenfall; and Øystein Løseth, CEO Nuon Energy. Language: Swedish. Webcast: The press conference will be broadcast live and be available on demand at www.vattenfall.com Please bring your press identification Conference call Time: Monday, 16 November 2009, 17:00 (CET). Hosted by: Lars G. Josefsson, CEO, Vattenfall; and Øystein Løseth, CEO Nuon Energy. Audiocast: The conference call will be broadcast live and be available on demand at www.vattenfall.com Dial-in numbers: Will be provided on Vattenfall’s web site www.vattenfall.com Language: English