Innogy CEO resigns

German energy company Innogy SE (ETR:IGY) on Tuesday said its chief executive Peter Terium will resign with immediate effect.

The news comes after Innogy warned last week that its adjusted earnings before interest tax, depreciation and amortisation (EBITDA) and adjusted EBIT in 2017 will be lower than previously expected.

Adjusted net profit is still expected to exceed EUR 1.2 billion (USD 1.4bn), but not much.

Innogy is a subsidiary of RWE AG (ETR:RWE), created to hold its renewables, grids and retail businesses and listed on the stock exchange in October 2016. Terium was chief executive of RWE when, in April 2016, he took the top job at the newly created subsidiary Innogy.

"Under his leadership, RWE AG, the parent company of innogy, has found the right answer to the German energy transition," said Innogy's supervisory board chairman Werner Brandt.

The supervisory board, however, sees a need for greater cost discipline and a more focused growth and investment strategy. It will decide on the succession in due course. Uwe Tigges will act as CEO in the meantime.

Innogy is working towards a final investment decision on the 860-MW Triton Knoll offshore wind project in the UK in mid-2018.

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