The chief executive of Innogy, Peter Terium, has left the German energy group with “immediate effect”, less than a week after issuing a profit warning that sent its shares tumbling. Mr Terium led Innogy through its spin-off from German utility RWE last year and subsequent stock market flotation, but the group said late on Tuesday that its supervisory board “sees the necessity for greater emphasis on cost discipline and a more focused growth and investment strategy”. Mr Terium’s sudden departure comes less than a week after Innogy blamed continued problems at lossmaking UK household supply business Npower for a profit warning .Npower is one of the six biggest electricity and gas suppliers in the UK market but like many of its larger rivals has been losing market share to newer entrants that have been using their lower cost bases to lure away customers. Innogy is seeking to exit the challenging UK market. In November, it announced a deal with SSE to merge and split their British household supply businesses into a separate company ahead of a regulatory clampdown.
FT 20th Dec 2017 read more »