Sweden’s Arise to appoint new CEO

Peter Nygren, CEO of Arise, has notified the Board of Directors that he will be stepping down from his post as CEO, thereby initiating Arise's recruiting process for a new Chief Executive Officer.

The appointing of the new CEO is expected to take place no later than March 1st, 2016. Peter Nygren will remain in his position until the process is complete. Thereafter, he will continue to work for the company as Business Project Manager and by providing support to the organisation.

Joachim Gahm, Arise's Chairman, has commented:

"Peter has made a tremendous contribution to Arise. We of course respect Peter’s decision and will initiate a recruitment process. We have plenty of time and will make every effort to ensure that the right person is recruited. We are very grateful that Peter is prepared to remain at the disposal of the company. This will ensure continuity, and that the new CEO will get a good introduction to the company."

Peter Nygren stated the following on the matter:

"I feel very proud of Arise and of what we have achieved. Falling electricity and certificate prices have obliged us to adapt our business model to new market conditions. Our new business model, which involves – in addition to selling the electricity we generate – building, selling and managing wind farms on behalf of other parties, has been fully implemented and is working well. The new CEO will take up his or her post at a time when the company is performing well. This is therefore the right time to bring in a new person with the right drive."

The recruitment is being managed by an external advisor.

IPP Journal recently reported on Arise's acquisition of the permitted 33 MW Mombyasen wind farm project from E.ON.