ōystein LÝseth, boss of Swedish Energy giant is seeking a new job or another career
Friday, 27 September 2013 / updated Saturday, 28 September 2013
The board of directors of the Swedish energy giant, Vattenfall will be
in discussion soon about the future of the company's CEO ōystein
LÝseth. This comes after the Swedish business daily reports that he has
signalled that he will not renew his contract with the company.
One evidence the papa gave is that he has applied for two other top
job, which according to sources, he would not have been doing so has he
the interest to continue with the Swedish troubled energy company.
ōystein LÝseth's contracts expires in a year and a half. However, even
now, in October, the board shall initiate discussions with the
Norwegian, whether to extend his contract or not. Notification and
confirmation would be provided by March 2014.
According to analysts, he is not resigning and not being forced out
with a severance agreement. The company is waiting for his contract to
expire and for him to reject or accept a new deal. Therefore, unlike
before, the company is waiting for negotiations instead of giving
ōystein LÝseth a severance agreement and let him go.
According to Vattenfall, if the CEO was to be let loose with a
golden parachute, it will be worth Skr25 million, including pension
provisions. If he resigns and decides to leave on his own accord,
according to the agreement, that will give him six months salary,
equivalent to approximately Skr8.8 million.
According to sources, ōystein LÝseth has chosen to signal that he may
resign. However, the technicalities, like how long the remaining
contract period would last has not been resolved.
As ōystein LÝseth starts thinking of his future, he would join
thousands of people looking for jobs but he would never go down below
his chief executive level. The paper says that he has some applied for
applied for several top jobs, but has be rejected. We know that with
his connections, it is just a matter of time before he lands another
The idea that there could be a change of the guard at Vattenfall CEO
Post has been speculated for at least a year now. The Norwegian has not
taken settlement in Sweden. His family is still living in Norway where
he prefers to commutes there weekly. It not far though…
Although he is well-liked in the company, there has been internal
criticism especially when of Vattenfall invested and acquire the Dutch
energy company, Nuon Power, which has led to massive
write-down, sprinkled on him as a former head of the Dutch power
The process to develop the successor to ōystein LÝseth is now being
worked out in Sweden and name have started appraring on the list to
by Scancomark.com Team