Anna Borg served as CFO since November 2017. Source: Vattenfall AB

Swedish utility Vattenfall AB appointed CFO Anna Borg as the successor to outgoing CEO Magnus Hall, the company announced during a Sep. 10 press conference.

Borg has served as CFO since November 2017 and held positions in several business divisions before then. She will start her new post in November. Chairman Lars Nordström said the appointment was "a matter of moving on from where we are right now," and that Anna Borg has the personality to drive that evolution.

"I am very happy and proud to have the opportunity to lead Vattenfall in these times of dramatic change," Borg said during the press conference. Thanking the board for the trust in her, she said: "I realize that trust comes with very high expectations. And that's good, and I like that."

Borg said she will focus on leading the company into a next phase of transformation away from fossil fuel generation, as well as delivering on some of the large projects already underway. She is taking over during challenging times for the company, as plunging power prices pressure margins and coal plant write-downs weigh on results.

Asked what she will do differently to her predecessor, Borg said that while "I am a different person than Magnus Hall" with her own leadership style, she will double down on his strategic efforts in decarbonizing the business, adding that until her move to the helm of the company, it will be "business as usual." Hall had decided to leave the company after six years as CEO in July. A recruitment process for the new CFO is now underway.

The energy transition and strategic realignment process has come with a wave of CEO re-jigs across the sector. Vattenfall's Borg will become the only female CEO among large European utilities, except for Engie SA's interim CEO Claire Waysand.