STOCKHOLM - Swedish power producer Vattenfall said on Monday Oystein Loseth would take over as the company's new chief executive before summer of 2010.

State-owned Vattenfall said it had been working since early summer 2009 on finding a replacement for current CEO Lars Josefsson, who plans to retire next year at the age of 60.

Josefsson has been heavily criticised in the Swedish media in recent weeks.

Loseth is currently CEO of Dutch company Nuon Energy, which is 49 percent owned by Vattenfall.