E.ON strengthens Management Board effective June 1, 2018, to prepare for and implement innogy acquisition

05/09/2018

  • Leonhard Birnbaum to oversee completion of agreement with RWE and prepare for innogy integration
  • Thomas König to lead network business

Following E.ON SE’s voluntary public takeover offer for all innogy stock, its Supervisory Board has responded to the agreed-on transaction by enlarging the E.ON SE Management Board effective June 1, 2018: Leonhard Birnbaum (51), who is currently responsible for E.ON’s network and renewables businesses, will become Chief Operating Officer Integration and lead the swift implementation of the agreed-on transaction with RWE and the successful integration of innogy SE. Birnbaum will continue to oversee the renewables business until its transfer to RWE.

Thomas König (53) will become Chief Operating Officer Networks and be responsible for E.ON’s entire network business. He currently oversees the company’s energy networks in Germany.

“I’m very pleased that we’ve put together such an outstanding leadership team to take on the major tasks E.ON will face in the years ahead, both in terms of the integration and the enlarged network business,” Karl-Ludwig Kley, Chairman of the E.ON SE Supervisory Board, said. The agreement with RWE represents a huge surge in growth, Kley added. The acquisition and integration of innogy will make E.ON the Europe’s first major energy company to focus entirely on the network and customer business.

Kley said that Leonhard Birnbaum’s five years of service on the former RWE AG’s Management Board (prior to the spinoff of innogy SE) make him ideally suited to lead the integration, since he has firsthand knowledge of innogy’s businesses and people. He also knows the business areas of both energy companies. In Thomas König, E.ON has an outstanding and experienced executive to lead the new E.ON’s network business. He has demonstrated his commitment to the continual improvement of the networks’ operating performance and enjoys the trust of the company’s municipal partners, who are crucial for network business’s success.

“I’m certain that the expanded Management Board under CEO Johannes Teyssen will make one of the biggest integrations in the history of German business a success,” Kley said. He added that the new E.ON represents unique opportunity for customers, investors, business partners, and employees. The company is decisively enhancing its growth and investment potential. As a key player in shaping tomorrow’s energy world, E.ON will be a pacesetter of the energy transition and climate protection.

Thomas König, who has a degree in business administration, began his professional career at VEBA AG. He played a key role in the VEBA-VIAG merger and the combined entity’s focus on the energy business. As a former CEO of E.ON Avacon AG, he is a proven expert in the regional energy business and groupwide strategic programs. Since 2011, König has overseen the reorganization of E.ON’s sales and network businesses in Germany. He has initiated a variety of efficiency programs that have ensured the high level of efficiency and innovativeness for which E.ON’s networks in Germany are renowned.

Supported by a highly qualified team, König will continue to carry out his current duties until the integration of innogy, after which the position will be filled.

E.ON continues to anticipate that, following the necessary regulatory approvals, the innogy acquisition will be completed by mid-2019 at the earliest. This would be followed by the innogy’s integration into the E.ON Group and transfer of E.ON and innogy’s renewables businesses to RWE.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. 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. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.