STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Preem AB (publ) announces the pending retirement of President and Chief Executive Officer, Michael G:son Löw, effective 1st of April, 2012. He will be succeeded as President and CEO by Petter Finn Holland from ExxonMobil.
Mr. Löw has been Preem’s Chief Executive Officer since January 2003. Prior to joining Preem, Mr. Löw worked for almost 27 years for the American oil company ConocoPhillips where he held a number of top management positions. He will continue to be a member of the Preem AB board.
"As a result of Michael G:son Löw’s great leadership and contribution, Preem is recognized as a top quartile refining and marketing company with a strong green innovative profile,” says Preem's chairman and owner sheik Mohammed H. Al Amoudi.
Mr. Löw will be succeeded by Petter Finn Holland who has extensive and diverse international business experiences from working with ExxonMobil since 1984. His latest position was Executive VP ‐Manufacturing at Saudi Aramco Mobil refinery in Yanbu, Saudi Arabia. Petter Holland is a Norwegian citizen and has a Master of Science in Mechanical Engineering from University of Trondheim.
"Petter Holland has nearly three decades of refining expertise and I am looking forward to welcome him onboard and I am confident he will have a meaningful impact on Preem’s performance, says sheik Mohammed H. Al Amoudi.
In addition Preem announces the pending retirement of Per Olsson, Director and Head of Refining, he will be succeeded by Peter Abrahamsson. Mr. Abrahamsson has been working at Preem since 1991 and has an extensive experience in refining. His latest position was Head of Maintenance and Projects at Preemraff.
Preem is the biggest oil company in Sweden and the biggest refiner in the Nordic region with a refining capacity of more than 18 million m3 of crude oil. Preem’s activities include refining, distribution, supply/trading, shipping, retail operations and commercial sales.
Preem’s sales 2011 were 91 billion SEK of which 65% was exported.
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