It all happened quickly in the end.
Tuesday last week, Handelsblatt reported on a new trouble spot for Peter Terium, the chief executive officer of RWE, Germany’s second-largest electric and gas utilities company after E.ON. There were indications of mismanagement at RWE’s British subsidiary, npower.
On Thursday, the German utility admitted to considerable burdens in its interim report and now, Mr. Terium is firing both npower’s chief executive, Paul Massara, and the chief financial officer, Jens Madrian, people familiar with the matter told Handelsblatt.
According to the sources, npower’s new chief executive will be Paul Coffey, who became npower’s chief operation officer in April.
The British problem comes at a time when Handelsblatt learned RWE will also lose one of its supervisory board members, Daimler chief executive Dieter Zetsche.