- by Tom Käckenhoff

Düsseldorf (Reuters) - A bombshell at the Karlsruhe-based energy company EnBW: After just 16 months, the new CEO Andreas Schell has already resigned from his position.

The Supervisory Board approved this decision at an extraordinary meeting, the utility announced on Friday. "The main reason for this was a difference of opinion between the Supervisory Board and the Chairman of the Executive Board on key issues relating to the strategic

further development of the company," it said. He will be succeeded by Georg Stamatelopoulos, a member of the Management Board.

Supervisory Board Chairman Lutz Feldmann expressed his regret at the decision. "Despite intensive discussions in recent months, it was not possible to reach agreement on the company's future strategic direction." In November 2022, Schell succeeded the long-standing CEO Frank Mastiaux, who focused the utility, which previously relied primarily on nuclear and coal-fired power plants, on renewable energies. Before joining EnBW, Schell was CEO of Rolls-Royce Power Systems. His contract at EnBW ran until November 2025.

His successor Stamatelopoulos, who will continue to head the "Sustainable Generation Infrastructure" department for the time being, has helped shape the Group in various positions over the past few years. "On the one hand, this includes the strong expansion of wind and solar energy with the simultaneous planning of new hydrogen-capable gas-fired power plants and, on the other, the phasing out of nuclear energy and, in the foreseeable future, coal-fired power generation," emphasized Supervisory Board Chairman Feldmann. This successful restructuring to date bears his signature. The 54-year-old is a convinced team player and is now also a valued discussion partner for politics and business.

EnBW is an important player in the Energiewende in all its facets - from electricity and heat to mobility, explained Stamatelopoulos. "We need to maintain the right pace in all of these areas, take the right measures

LONG-STANDING CFO KUSTERER APPOINTED DEPUTY

CFO Thomas Kusterer was appointed as Stamatelopoulos' deputy by the Supervisory Board on Friday. EnBW is one of the largest energy companies in Germany alongside E.ON and RWE. While E.ON concentrates in particular on the electricity and gas grid business and RWE on electricity generation, EnBW holds on to both businesses and also operates a large gas trading business via its Leipzig subsidiary VNG. EnBW employs around 27,000 people. The main owners, each with just under half of the shares, are the state of Baden-Württemberg and local authorities.

(Report by Tom Käckenhoff, edited by Olaf Brenner. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)