Former Holmen CEO Magnus Hall appointed CEO and president of Sweden-owned energy company Vattenfall, effective Oct. 1, to replace Øystein Løseth; Hall was with Holmen for 29 years, the last 10 years of which he was president and CEO
Debra Garcia
STOCKHOLM
,
May 7, 2014
(press release)
–
Vattenfall's Board of Directors has appointed Magnus Hall as the new President and CEO of Vattenfall. He will succeed Øystein Løseth and take on his new position as of October 1, 2014.
Magnus Hall most recently held the position of president and CEO of forest company Holmen, where he worked for 29 years, and the last ten years as President and CEO.
"I am very pleased to have been trusted to lead Vattenfall. At the same time I take on this task with great humility as Vattenfall is a company that has an incredibly important role in society. With its long history and unique position in the energy sector Vattenfall is a company to be proud of and I look forward to being part of building Vattenfall's future", Magnus Hall says.
In accordance with the Board's recruitment requirements both external and internal candidates were considered for the position. Leading criteria in recruitment process have been a long experience of a leading position in the industrial sector and documented excellent leadership skills.
"Magnus Hall has a strong industry background and extensive experience as CEO with an international company. The Board is delighted to announce the recruitment of Magnus Hall", Lars G Nordström, Vattenfall's Chairman of the Board of Directors, says.
Øystein Løseth will remain the President and CEO of Vattenfall until Magnus Hall takes on his position. Øystein Løseth will remain at Vattenfall's disposal until his contract expires in March 2015.
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