“Different views”
Schell quits – EnBW gets a new boss again
March 8, 2024, 2:48 p.m
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After just under 16 months, the leadership at the utility EnBW is changing. The supervisory board and CEO Schell do not come together on crucial strategic issues. A clue to the reasons could be the succession. The group puts the person responsible for the sustainable production division at the top.
The energy supplier EnBW is getting a new CEO. As the company announced, CEO Andreas Schell has resigned from his position effective at the end of the day. The main reason was the different opinions between him and the supervisory board “on crucial questions of the company’s strategic development,” it said. The supervisory board appointed board member Georg Stamatelopoulos as his successor.
Stamatelopoulos has been appointed for the terms of his existing orders, i.e. until May 31, 2029. He will also continue to manage his Sustainable Generation Infrastructure department until a successor is found. In addition, CFO Thomas Kusterer was appointed deputy chairman of the board. He has a contract until March 2029.
Schell has only been CEO since November 2022; he was appointed until November 2025. “Despite intensive discussions, no agreement could be reached on the company’s further strategic direction in recent months,” said Supervisory Board Chairman Lutz Feldmann, according to the statement. Schell replaced long-time boss Frank Mastiaux 16 months ago, who refocused the utility, which previously relied primarily on nuclear and coal-fired power plants, on renewable energies. Before moving to EnBW, Schell was CEO of Rolls-Royce Power Systems. His contract with EnBW ran until November 2025.
Stamatelopoulos has helped shape the company in various positions in recent years. “On the one hand, this includes the strong expansion of wind and solar energy while at the same time planning new hydrogen-capable gas power plants, and on the other hand, the exit from nuclear energy and, in the foreseeable future, also from coal-fired power generation,” emphasized Supervisory Board Chairman Feldmann. This conversion, which has been successful so far, largely bears his signature. The 54-year-old is a convinced team player and is now also a valued discussion partner in politics and business.
EnBW is an important player in the energy transition in all its facets – from electricity to heat to mobility, explained Stamatelopoulos. “We need to maintain the right pace, take the right actions and invest in the right projects in all of these areas.”
Along with Eon and RWE, EnBW is one of the largest energy companies in Germany. While Eon focuses particularly on the electricity and gas network business and RWE on electricity generation, EnBW is sticking to both businesses and also operates a large gas trading business through its Leipzig subsidiary VNG. EnBW employs around 27,000 people. The main owners, each with almost half of the shares, are the state of Baden-Württemberg and municipalities.