Bloomberg News

RWE Picks Bernhard Guenther as Finance Chief From January

February 28, 2012

RWE AG (RWE) appointed a new finance chief to start in January as Germany’s second-largest utility reorganizes its top management in response to the country’s decision to exit nuclear energy.

Bernhard Guenther, 45, will succeed Rolf Pohlig, who is retiring, RWE said in an e-mailed statement today. Guenther, who is finance director of the utility’s Supply & Trading unit, will join RWE’s executive board in July.

That same month, Peter Terium will take over as chief executive officer from Juergen Grossmann, who is departing earlier than planned after struggling to cut debt from acquisitions and cope with new taxes on nuclear power. RWE plans to save an additional 1 billion euros ($1.3 billion) a year in 2013 and 2014, Terium told reporters last week in Essen, where the company is based.

Germany’s biggest utilities are revamping operations after being ordered by Chancellor Angela Merkel to close their nuclear plants by 2022 in response to Japan’s Fukushima accident. RWE, which reports full-year earnings on March 6, is raising as much as 11 billion euros to reduce debt and help finance new projects. Rival EON AG is cutting as many as 11,000 posts and seeks to expand outside Europe.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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