April 27, 2015 / 4:42 PM / 5 years ago

UPDATE 1-E.ON CFO Schaefer to head future spin-off Uniper

* Teyssen to remain E.ON CEO after spin-off

* Spin-off company to be called Uniper

* Uniper to start operations Jan. 1, 2016 (Recasts, adds details)

FRANKFURT, April 27 (Reuters) - Germany’s top utility E.ON named company veteran and current finance chief Klaus Schaefer on Monday as future chief executive of Uniper, the group of assets it plans to spin off in response to a structural crisis in the energy sector.

Schaefer, 47, has been with E.ON for nearly 20 years and joined E.ON’s management board in 2013 as chief financial officer. He joined VIAG, one of the two companies whose merger gave birth to E.ON, in 1996 after working as a financial analyst with investment bank Morgan Stanley.

“Klaus Schaefer’s extensive experience, particularly in the future Uniper’s core businesses, and his many years of service at the E.ON Group make him the most suitable candidate for CEO,” said Werner Wenning, chairman of E.ON’s supervisory board.

E.ON also said Michael Sen, currently finance chief of Siemens Healthcare, would take over Schaefer’s duties as E.ON CFO from June 1.

E.ON announced in November it would spin off its power plants, oil and gas activities as well as energy trading business in the second half of next year and focus on power grids, renewables and energy services to tackle low wholesale prices and weak energy demand that have plagued the industry for years.

Current Chief Executive Johannes Teyssen, 55, will remain E.ON CEO following the spin-off, the company said, confirming what sources told Reuters earlier this month.

The new company, to be called Uniper, a composition of the two words “unique performance”, will start operations on Jan. 1, 2016, and have its headquarters in Duesseldorf, E.ON said.

E.ON, in turn, will move its headquarters to Essen, where major peer RWE is based.

The company has committed to spin off a majority of Uniper in the second half of 2016 and will ask shareholders for permission at a shareholder meeting on June 8, 2016. (Reporting by Christoph Steitz; Editing by Harro ten Wolde and Gareth Jones)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below