Sweden

Sweden

Vattenfall names new CEO

Chief financial officer Anna Borg will replace Magnus Hall later this year

Chief financial officer Anna Borg will replace Magnus Hall later this year
Chief financial officer Anna Borg will replace Magnus Hall later this year

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Vattenfall has promoted the company’s chief financial officer Anna Borg to CEO.

She will replace the outgoing Magnus Hall from 1 November 2020.

Hall announced his intention to leave the company earlier this summer.

Vattenfall will start an immediate search for a new CFO.

Borg has been Vattenfall’s finance chief since 2017, and previously served as the energy company’s senior vice president for business area markets, and led the Nordic sales, Swedish heat and European business-to-consumer units.

She had previously been senior vice president of the Nordics at Swedish bank Klarna.

Vattenfall’s chairman Lars Nordström said: “Anna Borg has a broad and deep experience that makes her very well suited to be CEO at Vattenfall. 

“She has been involved in setting the company's new strategic direction and is the right person to now take on and continue its execution. 

“Anna is a good leader and knows Vattenfall and the energy sector from many years as an employee, manager and member of the executive group management.”

When Borg’s predecessor Magnus Hall announced his planned departure earlier this summer, he said key challenges for Vattenfall’s next CEO would be maintaining competitiveness in offshore wind and picking strategic markets for the developer and assessing whether the company should invest heavily in green hydrogen.

Under Hall’s leadership, Vattenfall built up an impressive portfolio of offshore wind projects, and was a prime mover in cutting costs to the point where the sector could operate without subsidies.

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