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Management & Strategy


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.

ōystein LÝseth, boss of vattenfall

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 whopper.

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 company.

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 succeed  him.

by Team

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