RWE CEO signals he might step down next year - Spiegel
Reuters
Published Jan 24, 2020 15:14
RWE CEO signals he might step down next year - Spiegel
FRANKFURT (Reuters) - Rolf Martin Schmitz, the chief executive of German utility RWE (DE:RWEG), might step down from his post following a far-reaching restructuring that has turned the group into Europe's third-largest renewables group, he told a German magazine.
Schmitz, RWE's CEO since 2016, said he did not know whether he would still be the right person to lead the group given its strong focus on wind power, which he said was first and foremost an international business.
"I never worked abroad and will turn 64 next year. That could be a good time to pass the reins to younger hands," Schmitz told Der Spiegel in comments published on Friday.
Schmitz oversaw one of the biggest overhauls in RWE's history: the break-up of its former subsidiary Innogy (DE:IGY) that included a major asset swap with peer E.ON (DE:EONGn).
A deal to phase out coal-fired power plants, which will cost RWE about 6,000 jobs and has drawn criticism from plant operators due to the financial impact on their balance sheets, also fell in his tenure.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.