Innogy chief executive Peter Terium has left the German energy group days after a profit warning hit both its shares and those of its majority owner RWE.
Terium (pictured) is stepping down with immediate effect and will be replaced by Uwe Tigges, Innogy’s chief human resources officer, on a temporary basis.
Innogy said it is searching for Terium’s successor.
“The supervisory board generally welcomes the corporate and finance strategy pursued by the board, but sees the necessity for greater emphasis on cost discipline and a more focused growth and investment strategy,” the company said.
Terium’s departure comes days after Innogy trimmed its operating profit forecast for 2017, blaming a difficult market environment for npower, its UK electricity and gas suppply business.
It also predicted a fall in profits in 2018, mainly due to increased spending on energy supply networks, broadband telecoms and renewable power generation.
Terium had served as RWE’s CEO since 2012 before taking the same job at Innogy in 2016.
Image: Innogy
