- Push-out Score determined
- Markus Krebber taking over
(exechange) — Essen, Germany, April 28, 2020 — Rolf Schmitz, chief executive of RWE, leaves his post. His departure is made public at an early stage. As announced by RWE AG in a news release on Tuesday, April 28, 2020, Rolf Martin Schmitz leaves his post as chief executive officer at the German electric utilities company after about five years in the role, effective July 1, 2021.
Long goodbye
It is a long goodbye. The announcement of Rolf Schmitz’s move comes up to 14 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Rolf Schmitz’s duties as CEO will be taken over by Markus Krebber, currently Chief Financial Officer of RWE AG.
“The succession for Markus Krebber as CFO of RWE AG will be decided by the Supervisory Board in due course. This also applies to the decision on the succession of Rolf Martin Schmitz in his role as CHO and Labor Director of RWE AG, that he will continue to perform in personal union until 30 June 2021,” RWE said.
“Robust succession plan”
Rolf Schmitz’s departure from the CEO post is explained as follows. Werner Brandt, Chairman of the RWE AG Supervisory Board, said: “It was important to the Supervisory Board to have a robust succession plan in place early on. The appointment of Markus Krebber ensures that RWE’s strategic ambition to transform into a leading global player in the renewables sector will be pursued also in the long term. Together, Rolf Martin Schmitz and Markus Krebber have defined the course to develop the Group into a sustainable company that will be carbon-neutral by 2040. This path shall be followed consequently.”
Precise information regarding Rolf Schmitz’s future plans was not immediately available.
“Succeed”
RWE said: “At today’s meeting, the Supervisory Board of RWE AG decided that Dr. Markus Krebber is to succeed Dr. Rolf Martin Schmitz as CEO of RWE AG as of 1 July 2021.”
Share price increase since January 2018
The announcement follows an increase in RWE AG’s share price of 48% since January 2018.
In the position of CEO since 2016
Rolf Schmitz became CEO of the Company in 2016.
Born in Moenchengladbach in 1957, Schmitz has been a member of the company’s Executive Board since 2009 and has led the Group as CEO since 2016.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to RWE and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 18.2020 ($).