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New Vattenfall CEO Within Weeks

Published fredag 13 november 2009 kl 12.18
Board chairman Lars Westerberg

The embattled CEO of Vattenfall, Sweden’s state-owned power company, is to be replaced within a few weeks.

The chairman of the company board, Lars Westerberg says the current CEO Lars Josefsson won’t be fired Friday, as previously rumored, but there is already a candidate to replace him.

Friday morning Swedish Radio News reported that Josefsson had signed a contract in Germany making Vattenfall responsible for unlimited compensation in the event of an accident at one of its nuclear power stations there, without informing the Swedish government.

Lars Josefsson was already under fire this week after press revelations that the company had discussed selling off its Swedish electrical network, so it could invest instead in nuclear power in Britain.

Speaking to journalists Friday, Minister for Enterprise Maud Olofsson said that there’s been a recruitment campaign to find a new Vattenfall CEO for some time, and she hopes they’ll be a replacement announced as soon as possible. Josefsson was due to retire next year.

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