Øystein Løseth (51) is civil engineer graduated from Trondheim. He has worked in the energy industry for almost 25 years, starting at Norwegian Statoil in 1984 and later working at both Statkraft and Naturkraft before joining Nuon in 2003 as managing director of Sourcing and Trading. Five years later, in 2008, he was appointed CEO of Nuon.

“Øystein Løseth has a very extensive and long experience from the energy industry. He has managed Nuon in a very successful way and with very good results. Øystein is therefore the perfect choice to lead the company and continue it’s development”, said Lars Westerberg, Chairman of the Board of Vattenfall.

Lars G. Josefsson is now retiring after ten years as CEO of Vattenfall. During his years in the company Vattenfall has grown from a turnover of SEK 32B to more than SEK 205B. Business has expanded to seven countries and a total of SEK 45B has been distributed to the owner, the Swedish state.

“Lars G. Josefsson has made a massive effort and transformed Vattenfall from a Nordic company to one of the largest energy companies in Europe, operating in seven countries. During his time as CEO he has also become internationally recognized as devoted to the topic of climate change, and as a strong advocate for a global price on carbon emissions”, says Lars Westerberg.

In other news, the Supervisory Board of Vattenfall Europe AG has appointed Stefan Dohler as new member of the Management Board of Vattenfall Europe AG responsible for Finance. From 1 April 2010 he replaced Dr. Hans-Jürgen Meyer, who will leave the company.

Dohler has been Head of the Business Unit responsible for Vattenfall’s distribution and transmission grids in Germany and Poland. He was also Commercial Manager of the distribution grid companies in Germany. Together with his new position he will retain his function as Head of the Business Unit until 30 April 2010.

Dohler’s successor from 1 May 2010 will be Dr. Helmar Rendez who has been the Head of Strategy at Vattenfall AB in Stockholm.

In the future, Vattenfall’s highest executive body, the Executive Group Management (EGM), will be streamlined, and Tuomo Hatakka, Head of Business Group Central Europe, will be the sole representative from the said Business Group in the EGM.