- Push-out Score determined
- Praise and words of regret for Mastiaux
- Search for a successor
- Mastiaux said 108 words
(exechange) — Karlsruhe, Germany, June 25, 2021 — Frank Mastiaux, chief executive of EnBW, prepares for his departure. As announced by EnBW Energie Baden-Württemberg AG in a news release on Friday, June 25, 2021, Frank Mastiaux, chief executive officer, is preparing to leave the energy supply company after 10 years in the role, effective in September 2022.
EnBW will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Frank Mastiaux’s move comes up to 15 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.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“To devote myself to new issues and challenges”
Frank Mastiaux’s departure from the CEO post is explained as follows. Mastiaux said: “This is the right time for me to hand over my office to other hands when my second term of office expires next year and to devote myself to new issues and challenges.”
Precise information regarding Frank Mastiaux’s future plans was not immediately available.
“Leave”
EnBW said: “Frank Mastiaux yesterday informed the nomination committee of the EnBW supervisory board that he has decided to leave EnBW when his second term as CEO of the company expires in September 2022.”
Share price increase since June 2016
The announcement follows an increase in EnBW Energie Baden-Württemberg AG’s share price of 259% since June 2016.
Chaired by Lutz Feldmann
Lutz Feldmann serves as EnBW Energie Baden-Württemberg AG’s Chairman of the Supervisory Board.
In the position of CEO since 2012
Frank Mastiaux became CEO of the Company in 2012.
Frank Mastiaux was born in Essen in 1964.
Following his studies and subsequent doctorate in chemistry at the University of Duisburg-Essen, he began his professional career at Veba Oel AG in 1993.
Until 1999, he held several management positions there in the areas of Research & Development, trading and served on the Board of Directors.
As part of a foreign assignment, he also worked at CITGO Petroleum Corp in Tulsa, Oklahoma, USA.
Following the merger of Veba Oel AG and ARAL AG, he was appointed CEO of ARAL Mineralöl-Vertrieb GmbH in 2000.
Following the takeover of the Veba Oel/Aral Group by BP p.l.c., Frank Mastiaux held various management positions in the BP Group in London from 2001 to 2007.
Until joining EnBW Energie Baden-Württemberg AG in 2012, Mastiaux, who holds a doctorate in chemistry, held various top management positions in the E.ON Group.
Among other things, the renewable energies business was set up under his leadership.
On October 1, 2012, Frank Mastiaux was appointed Chairperson of the EnBW Board of Directors.
In addition to Corporate Development and Sustainability, he is responsible for the Corporate Development, Sustainability, Strategy/Energy Business, Communications & Policy, Sales, Marketing and Operations, IT/Digital Office, Transformation, Corporate Security and Decentralized Energy Services Departments as “Chairperson of the Board of Directors”.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Frank Mastiaux’s move on a scale of 0 to 10.
exechange reached out to EnBW and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2021 ($).