E.ON Extends Top Exec Mandates to 2020s

E.ON's supervisory board on September 29 extended the mandates of two top executives.

It extended CEO Johannes Teyssen's contract by three years until December 31, 2021 and Leonhard Birnbaum's contract as a board-level chief operating officer for grids and renewables by five years until June 30, 2023.

'Today's decisions have set the course for E.ON's management board over the next few years. ... the supervisory board is convinced that Johannes Teyssen is the right man at the top of E. ON especially for the start of this new phase of corporate development,' said its chairman Karl-Ludwig Kley.

Since the spin-off of Uniper, former E.ON shareholders have gained some 45% in value, if they retained both shares, added Kley.

Spun-off Uniper meanwhile continues to brood over the way that its former parent E.ON negotiated its sale to Fortum without any consultation. A draft offer by Finnish energy company Fortum for E.ON's stake in Uniper was leaked last week, and formalised and accepted by E.ON's board on September 26. 

Mark Smedley