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09.08.2011 08:35- Peter Terium, next CEO of RWE
© RWE
RWE appointed Peter Terium as chief executive from next year and said it aimed to raise 2.5 billion euros by increasing its capital and selling treasury shares, Reuters reports. Terium will replace Juergen Grossmann from July 1, 2012, taking over with more than 27 billion EUR of debt and an uncertain future strategy. RWE’s supervisory board also named Rolf Martin Schmitz, another top candidate for the chief executive position, as deputy CEO, ending an internal row over who should lead the company.
Terium, a 47-year-old Dutchman, has been with RWE since 2003 and has been CEO of Essent since he led RWE’s acquisition of the Dutch utility two years ago, Reuters reminds. In preparation for his new job, he will move to RWE’s management board and become deputy CEO from September 1 this year.
Analysts say RWE could be one of the hardest hit by Germany’s nuclear exit because it is less active in other markets than main rival E.ON, and relies heavily on nuclear and coal-fired power generation. RWE is due to publish first-half financial results on Thursday, a day after bigger rival E.ON. According to a Reuters poll, RWE is expected to report a 24-percent decline in core operating profit. Smaller peers EnBW and Vattenfall have published financial results that were hit by writedowns and provisions related to the nuclear exit.
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