European utility Vattenfall has named Magnus Hall as its new President and CEO, effective October 1 of this year.
Hall succeeds Oystein Loseth, who will remain President and CEO of Vattenfall until Hall takes the position and within the company until his contract expires in March 2015.
"I am very pleased to have been trusted to lead Vattenfall," Hall said. "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."
Hall was selected by Vattenfall's Board of Directors after an external and internal search based on his leadership experience in the industrial sector. He has served as President and CEO of forest company Holmen for the past 10 years.
"Magnus Hall has a strong industry background and extensive experience as CEO with an international company," board chair Lars Nordstrom said.
Vattenfall, which provides power service in six European countries, sought bids to upgrade and repair turbines and other equipment at its 1,050-MW Markersbach pumped-storage project in Germany earlier this year.
The company owns and operates more than 100 hydroelectric power plants which combine to provide about 20% of its total generation. Vattenfall also said that it will spend approximately US$2 billion through 2023 upgrading its hydropower projects and conducting comprehensive dam safety reviews.