E.ON Energy Trading: Senior international trading managers complete new management board
“I am pleased to announce the completion of the E.ON Energy Trading board and welcome two experienced trading directors which marks a further step in the creation of E.ON Energy Trading,” said Dr. Wulf H. Bernotat today as the appointments of Gareth Griffiths (43) and Martyn Gallus (43) were announced.
The two directors with international track records will take up key positions in E.ON’s new Energy Trading business. Gareth Griffiths will join E.ON Energy Trading as Chief Commercial Officer, and Martyn Gallus will join as Managing Director, Middle Office. These appointments complete the four-strong E.ON Energy Trading Board alongside Tony Cocker, CEO and Jonas Abrahamsson, CFO.
From the start of 2008, E.ON will combine all of its European trading operations and create a new European energy trading business called E.ON Energy Trading. The new business will be based in Düsseldorf and brings together all of E.ON’s current trading operations including power, gas, coal, oil and CO2 creating one strategically focused business.
Joining EET as Chief Commercial Officer, Griffiths brings with him extensive international experience as a trading manager, his most recent role being Head of Trading at Essent Trading (Netherlands/Switzerland). British-born Griffiths entered the energy industry in 1990 and built up a breadth of experience in the Canadian and US markets. Prior to his move to Europe in 2001, Griffiths was the Director of Financial Trading at the Houston Trading House, TPC, and before that was NYMEX Trading Manager with Coastal Gas Marketing Ltd, Houston.
Joining EET as Managing Director, Middle Office, Gallus moves to Europe from E.ON subsidiary E.ON U.S. in Louisville, Kentucky where he is Senior Vice President, Energy Marketing. Since joining E.ON US in 1996 Gallus has held a variety of roles including Director of Risk Management and Senior Vice President Trading.
E.ON Energy Trading CEO, Dr. Tony Cocker, said: “The completion of our board structure marks an important step forward in the creation of E.ON Energy Trading. I’m delighted to welcome both Gareth and Martyn to our team. They bring with them impressive international experience and knowledge of the market and will play a crucial role in steering our business, building our experienced team and creating a leading market position.”
E.ON Energy Trading will be launched on 1 January 2008 to take advantage of the opportunities available in today’s changing European market environment. The unit will create value and growth by building on E.ON’s existing successful trading businesses to create a single focused unit with international strength and knowledge.
This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Annual Report on Form 20-F, in particular to the discussion included in the sections entitled "Item 3. Key Information: Risk Factors", "Item 5. Operating and Financial Review and Prospects", "Item 11. Quantitative and Qualitative Disclosures about Market Risk"). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.