Vattenfall Elevates CFO To President & CEO Position

Vattenfall To Replace President & CEO Position, Left Vacant By Departure Of Magnus Hall, By Elevating CFO Anna Borg To Take Over
07:04 PM (Beijing Time) - 14. September 2020
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Anna Borg (in the picture) has been the Vattenfall's CFO since 2017. With her appointment as the Swedish utility's President and CEO, the management has started search for a new CFO. (Photo Credit: Vattenfall AB)

Key Takeaways

  • Vattenfall has announced appointment of Anna Borg as company’s President and CEO
  • Borg is currently the company’s CFO and will join in her new position from November 1, 2020
  • She will replace Magnus Hall who announced his departure from the company in July 2020

Over a month after Vattenfall’s President and CEO of 6 years, Magnus Hall decided to leave the company, the Board of Directors have approved the elevation of the Swedish utility’s current CFO Anna Borg to replace him.

Hall is scheduled to leave the company on January 31, 2021, while Borg will take over starting from November 1, 2020. Recruitment for a new CFO will commence immediately, the management announced.

Borg has been with the Swedish multinational power company for several years now having held senior level positions leading Nordic Sales business, Swedish Heat business and European B2C business. Since 2017, she has been the company’s CFO.

“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,” said Vattenfall’s Chairman of the Baord, Lard LG Nordström. 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.”

Under its CO2 roadmap, Vattenfall is aiming to become a climate neutral organization in its operations, suppliers and customers by phasing out fossil fuel based production and increasing its share of renewable energy generation. For solar, it plans to invest in large scale, decentralized solar and rooftop solar solutions for private customers.

In March 2020, the company entered into a partnership with Dutch land developer K3 to develop ground mounted and floating solar farms in the Netherlands (see Vattenfall To Develop Dutch Solar Farms With Land Developer).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani