RWE Picks Terium to Lead Renewables Unit

The Supervisory Board of the German power utility RWE AG has appointed a management team for its new subsidiary which will pool the renewables, grids and retail activities in Germany and abroad.

The management team consists of six members, and will be headed by Peter Terium, RWE’s current CEO, who will hold both positions with effect from 1 April 2016.

Bernhard Günther will be the new subsidiary’s Chief Financial Officer and Uwe Tigges will hold the position of a Chief Human Ressource Officer (CHO) and Labour Director.

Manfred Schneider, Chairman of the Supervisory Board of RWE AG said: “For the time being, RWE AG and the new subsidiary are two companies under one roof, and this will remain the case at 100 percent until the IPO. It is thus only logical to put the management of both companies in the experienced hands of Peter Terium. The fact that Bernhard Günther and Uwe Tigges will also take on their existing mandates in addition to their future positions ensures that the structural adjustments will be made in the interests of both parts of the Group until the successful IPO of the new company.”

Terium and Günther will remain in their positions at RWE AG until the successful IPO of the new subsidiary. After the IPO, they will resign from their respective board positions at RWE AG.

Other three members of the management team will be Martin Herrmann, who will become Chief Operating Officer Retail, Hans Bünting, currently CEO of RWE Innogy GmbH and future Chief Operating Officer Renewables, and Hildegard Müller, who will be Chief Operating Officer Grid.

“We have a lot of work to do before the new subsidiary will be listed on the stock market,” Peter Terium, CEO of RWE AG, said.

”My top priority during this period as CEO of both companies will be to shape the separation process that is necessary for the IPO in a responsible manner. This includes treating our employees fairly, regardless of whether they remain with RWE AG or whether they move to the new company. We will also ensure that the operating business continues to run seamlessly. All of this presents a great challenge, but with my current and new Board colleagues at RWE AG and at the new company, I know I have a strong team working with me.”

The Supervisory Board also unanimously decided  to approve the dividend proposal of the Executive Board. Accordingly, the Executive Board and the Supervisory Board will propose to the Annual General Meeting of RWE AG on 20 April 2016 a suspension of the dividend for common shares and a dividend of EUR 0.13 per preferred share.