“I look forward to joining the company's Board, management and employees in contributing to ensure that Vattenfall yields good returns and remains a leader in moving developments towards environmentally sustainable energy generation”, Nordström said in a statement on Friday.
According to Vattenfall, Lars G Nordström has extensive experience of executive positions in several sectors with a focus on the financial industry.
He was President and CEO of the Nordea bank from 2002 to 2007. He has been a director of Nordea since 2003.
From 2008 to 2011 Lars G Nordström was CEO and President of Posten Norden AB. He was also a director of TeliaSonera AB between 2004 and 2010.
“On the basis of my many years of experience in directing large companies I look forward to the opportunity of running Vattenfall together with CEO Oystein Loseth.” Nordström said.
The government has nominated Björn Savén as Vice-Chairman of the Board. He has been acting Chairman of the Board of Vattenfall since March.
However, Nordström's two predecessors at Vattenfall were fired.
Lars Westerberg, the latest to go, left after it became known that he had approved a massive severance package to CEO Lars G Josefsson.
In order not to suffer the same fate, Nordström will have to conform to regulations.
“I will of course follow the guidelines, regulations and directives we have,“ he said to daily Dagens Nyheter (DN).
According to news agency TT, minister for financial markets, Peter Norman, says that the choice fell on Nordström due to his “eminent experience” and personal competencies.
Norman and the government are hoping that Nordström will prove a driving force towards a more sustainable energy development.
“And that will be no easy task for the board,” Norman told DN.
Nordström's election will be carried out at an extraordinary meeting planned for June 14th.