Exclusive Exclusive: RWE CEO Terium Boots Out Potential Successor

Peter Terium, the chief executive of Germany’s second-largest utility RWE, has pushed a one-time successor and head of its German business division out of the company, Handelsblatt has learned. Arndt Neuhaus will leave the power firm within days, according to sources within RWE. Mr. Neuhaus has close ties to RWE’s municipal shareholders, who had considered him a potential successor to Mr. Terium. Instead, the manager has reportedly become a casualty of Mr. Terium’s plans to split RWE into two parts – a conventional fossil-fuel firm and a renewable-energy spin-off. Mr. Neuhaus had been with RWE since 2001. Since 2011, he was responsible for the company’s German operations, which account for about two thirds of RWE’s total revenues. According to sources, the German manager had threatened to resign if he wasn’t given charge of RWE’s renewable-energy spin-off. Instead, Mr. Terium will now be responsible for both the traditional power production and the renewables unit, at least for a transitional period. RWE would not comment on this story when contacted by Handelsblatt.   Read the full story in Thursday’s Handelsblatt Global Edition at 12:00 Central European Time. Photo: DPA/Picture Alliance