Georg Stamatelopoulos Takes the Helm at ENBW as Andreas Schell Resigns

In a significant development, German utility ENBW announced on Friday that CEO Andreas Schell has resigned from his position with immediate effect due to divergent views on “key issues” of strategy. Schell, who assumed the CEO role only in November 2022 with a three-year contract, will be succeeded by executive board member Georg Stamatelopoulos, who will serve in the role until May 2029, according to the company’s statement.

Additionally, ENBW has appointed Thomas Kusterer, who has been serving as CFO since 2011, as deputy CEO until May 2029. Stamatelopoulos has been tasked with overseeing the firm’s expansion into wind and solar energy while concurrently planning new hydrogen-ready gas power plants, ENBW disclosed.

Under Schell’s leadership, the company, originally focused on conventional power generation, had already shuttered its remaining nuclear plant and was in the process of phasing out coal-fired generation in alignment with Germany’s coal exit strategy.

In a related development today, ENBW subsidiary Norseman Wind announced its withdrawal from Norway’s upcoming first offshore wind tender, citing the project’s lack of economic viability.

Have you read?
Biggest Billionaire Losers.
Biggest Billionaire Winners.
World’s Most Powerful Passports.
Best Citizenship by Investment Countries.
Most (and least) corrupt countries.