Innogy CEO Peter Terium leaves abruptly

  • After less than two years in the position
  • Accolades, praise and thanks for Terium
  • Uwe Tigges taking over in the interim
  • Search for a successor

(exechange) — Essen, Germany, December 19, 2017 — Peter Terium, chief executive of Innogy, leaves — “in friendly agreement”. It is an abrupt change. As announced by Innogy SE in a news release and in a regulatory filing published on Tuesday, December 19, 2017, Peter Terium, Chief Executive Officer, leaves the energy company after less than two years in the position, effective immediately.

No company wants a CEO to flame out in the first years.

Innogy will undertake a search for a successor.

Terium’s duties will be taken over in the interim by Uwe Tigges, most recently Chief Human Resources Officer (CHO) and Labour Director at Innogy SE.

“Necessity for greater emphasis on cost discipline and a more focused growth and investment strategy”

Terium’s sudden departure from the CEO post is explained as follows. Innogy said in a fairly blunt statement: “The Supervisory Board generally welcomes the corporate and finance strategy pursued by the Board, but sees the necessity for greater emphasis on cost discipline and a more focused growth and investment strategy.”

Precise information about Terium’s future plans was not immediately available.

“Leave the company”

Innogy said: “Peter Terium, Chief Executive Officer of Innogy SE, will leave the company with immediate effect in friendly agreement with the Supervisory Board.”

Innogy further said: “As agreed with the Supervisory Board, the term of Peter Terium, chairman of the Management Board of Innogy SE, ends with immediate effect.”

Share price decline

The change follows a decline in the share price of Innogy SE since December 13, 2017.

RWE AG holds 76.79 percent stake

RWE AG reported a 76.79 percent stake in Innogy SE. RWE AG is a German electric utilities company based in Essen, North Rhine-Westphalia.

Chaired by Werner Brandt

Innogy SE is chaired by Werner Brandt.

Brands serves as Chairman of the Supervisory Board of Innogy SE. On December 14, 2017, the Supervisory Board of Innogy SE agreed on a successor to Werner Brandt as member and Chairman of the Supervisory Board of Innogy SE: the name of Erhard Schipporeit has been submitted to the Local Court with competence for the appointment of Brandt’s successor. The change of incumbent will apply from January 1, 2018, or from the actual date of appointment by the court if later than January 1.

Werner Brandt, member and Chairman of the Supervisory Board of Innogy SE, has resigned from his positions on the Supervisory Board “for personal reasons” with effect from December 31, 2017.

In the position of CEO since 2016

Peter Terium has been Chairman of the Management Board and Chief Executive Officer at Innogy SE since April 1, 2016.

Peter Terium has held various positions at RWE AG since 2003, first as Head of Group Controlling and later as CEO of various subsidiaries.

In July 2012, he became CEO of RWE AG.

In April 2016, Peter Terium took over the position of CEO of the newly established RWE subsidiary Innogy SE, which was then successfully introduced on the stock exchange in October 2016.

Read the full story in the exechange report 52.2017 ($).