BUSINESS Innogy's CEO departs days after profit warning

BUSINESS

Innogy's CEO departs days after profit warning

By Victoria Bryan | Reuters

07:43, December 20, 2017

CEOdeparts.PNG

Peter Terium, chief executive of German ecological power supplier Innogy SE addresses the company's annual general shareholders meeting in Essen, Germany, April 24, 2017. Photo: REUTERS/Wolfgang Rattay

German energy company Innogy said on Tuesday its chief executive Peter Terium was leaving the company immediately, just days after the company issued a profit warning that sent its shares tumbling.

Terium will be replaced in the interim by Uwe Tigges, chief human resources officer, until the supervisory board decides on a successor.

“The Supervisory Board generally welcomes the corporate and finance strategy pursued by the board, but sees the necessity for greater emphasis on cost discipline and a more focused growth and investment strategy,” the company said in a statement late on Tuesday.

Innogy had trimmed its operating profit forecast for 2017 on Dec. 13, citing a persistently difficult market environment for npower, its ailing British electricity and gas supplies business.

But it also predicted a fall in profits in 2018, mainly due to increased spending on energy supply networks, broadband telecoms and renewable power generation.

“Even if this will weigh on our earnings short-term, I am convinced that this is the right strategy for setting up Innogy optimally for the future,” Terium had said at the time.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue