RWE Reshuffle

Who’s the Boss?

RWE CEO Peter Terium source Rolf Vennenbernd dpa 48412031
Peter Terium is under pressure to lead RWE through Germany's energy transition.
  • Why it matters

    Why it matters

    RWE CEO Peter Terium must prove he can steer RWE through its painful transition process and grow profits.

  • Facts

    Facts

    • RWE is splitting off its renewable energy operations to cope with Germany’s energy transition, which has hurt the profitability of the utility’s fossil-fuel business.
    • Germany aims to phase out all nuclear energy in the country by 2022 and draw at least 80 percent of energy from renewables by 2050.
    • RWE, larger rival E.ON, Swedish Vattenfall, EnBW and others all had to write down billions of euros on fossil-fuel power plants.
  • Audio

    Audio

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RWE’s plans to split into a renewable-energy producer and a fossil-fuel power generator continue to cause strife in the board room.

Last week, it was the head of RWE’s German operations, Arndt Neuhaus, who was forced to leave the company, ousted by chief executive Peter Terium. Mr. Neuhaus had hoped he could lead RWE’s renewable energy spin-off, but Mr. Terium opposed that ambition, forcing him to leave, Handelsblatt learned last week.

Now, Mr. Terium himself has been stopped in his tracks. The 52-year old executive, who has worked at RWE since 2003, had planned to lead the two businesses himself.

But that plan is opposed by two banks advising the breakup, as well as the utility’s designated new supervisory board chairman, Werner Brandt, people familiar with the matter told Handelsblatt.

Deutsche Bank and Goldman Sachs, which are advising the utility on the separation of its operations, have demanded a clear management structure before the renewable energy business is listed on the stock exchange, Handelsblatt has learned from people familiar with the company.

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