Lars G Josefsson

Vattenfall CEO to be Replaced

Updated 11:28 AM

Swedish Television News reports that the embattled CEO of the Vattenfall, Sweden’s state-owned power company, may be forced to resign Friday. But he'll be gone by the end of next year no matter what.

Vattenfall’s Lars G. Josefsson has been 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.

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.

When asked by Swedish Radio’s morning news program about his future, Josefsson pointed out that as things stand now, he is due to retire next year.

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.

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