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.