Lars G Nordström was elected chairman of the board of Swedish state power utility Vattenfall at an extraordinary annual general meeting (AGM) on 14 June.
The previous chairman of Vattenfall, Lars Westerberg, was sacked in March with immediate effect after the state-owned power company unlawfully paid a lump sum of SEK12m ($1.8m) to the outgoing former CEO Lars G. Josefsson, even though he resigned voluntarily.
In a statement, Vattenfall said Nordström has extensive and solid experience of executive positions in several sectors with a focus on the financial industry. He was significantly involved in establishing the Nordic bank group Nordea, and was its President and Group CEO from 2002 to 2007. From 2008 to 2011, he was Group CEO and President of Posten Norden AB.
Christer Bådholm was elected deputy chairman. Bådholm, a Vattenfall board member since 2002, was elected Deputy Chairman. He holds an M. Sc. from Chalmers University of Technology and has extensive experience as CEO of several companies in the transport sector. He also holds several other directorships.
The extraordinary AGM, which was chaired by Attorney Axel Calissendorff, agreed that the chairman and deputy chairman shall receive remuneration of SEK580 000 and SEK370 000 respectively.