Offshore wind producers Vattenfall have launched a hunt for a new chief executive after current boss Øystein Løseth announced he was quitting the firm.
The company, behind controversial plans for a windfarm in Aberdeen Bay, saw third quarter profits fall by more than 10% to £389million, while operating losses over the last nine months hit £1billion due to second quarter impairment losses.
Løseth , cleared earlier this year of bribery allegations, was due to begin negotiations on a new contract this month but instead said he was stepping down from the company when his current deal expired in March 2015.
“I have informed the board that I do not wish to extend my contract after 2015,” he said.
“This is for personal reasons. I have notified the board early in order to provide clarity and to give them sufficient time for recruitment.
“I shall remain fully committed to my work at Vattenfall until the end of my contract.”
Vattenfall chairman Lars Nordstrom said the company was now working on finding a replacement.
See full analysis of the Vattenfall results and Løseth’s departure in tomorrow’s Press and Journal.