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Peter Terium to carry on at RWE

By: Lewis Holdsworth 04/03/2015 RWE

General

RWE extends Peter Terium‘s mandate as Chief Executive Officer of RWE AG to 2021 / Uwe Tigges reappointed as member of RWE AG Executive Board.

The Supervisory Board in its meeting today unanimously decided to terminate the appointment of Peter Terium (51) in agreement with him on 29 February 2016, and to re-appoint him with effect from 1 March 2016 for a period of five years as a full member of the Executive Board and as Chief Executive Officer of the company. This approach allows the Supervisory Board to ensure continuity at an early stage at the top of the company. A regular contract extension for Peter Terium would otherwise only have been possible at the earliest in September 2015.

The Supervisory Board of RWE AG thus recognises the successful management of the company in a period of change. The Chairman of the Supervisory Board of RWE AG, Dr. Manfred Schneider, explains: "The RWE Group is still in troubled waters. Peter Terium has initiated long-term projects, which are of considerable importance for the optimisation of the Group in the coming years.

First results are already visible. In this phase, the company needs long-term continuity and reliability in the management team. I am therefore delighted that the Supervisory Board and the company can continue to count on the leadership of Peter Terium.”

The Supervisory Board also unanimously decided to extend Uwe Tigges' mandate as an RWE Executive Board member by five years until 31 December 2020. This will take effect on 1 January 2016. In addition, he will continue in his position as Chief Human Resources Officer at RWE AG. Tigges has been a Board member since January 2013.

Manfred Schneider praised the negotiation skills of the 54 year old: "In these difficult times, a lot is being asked of the employees of the RWE Group – Uwe Tigges has demonstrated considerable tact and sensitivity during this period. He made a significant contribution towards the moderate results of the collective agreement negotiations and the introduction of our internal job market SWITCH at the beginning of this year. I am delighted that RWE can continue to count on the proven expertise of Uwe Tigges in these areas."

In summary, the Chairman stated: "With today's personnel decisions we want to further strengthen the confidence of shareholders, employees, and not least the trust of our customers in the performance of RWE. The Supervisory Board is pleased to face the upcoming challenges with a well-established management team.”

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Peter Terium to carry on at RWE

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