German Utility's CEO Gets Five More Years

Germany's third largest power and gas utility EnBW has extended CEO Frank Mastiaux's mandate for five more years until the end of September 2022.

Following a meeting of its supervisory board on October 7, chairman Lutz Feldmann said: “By reappointing Frank Mastiaux for a second term so early on, we want to ensure that EnBW can continue with its successful reorientation as a modern and innovative energy company under his leadership. Since he took up his role in 2012, the restructuring of EnBW has been characterised by a clear strategy."

EnBW is jointly controlled by the southwest German state of Baden-Wurttemberg and two local municipalities, each with 46.75%. It remains one of Germany’s main nuclear generators but, with the government committed to phasing out nuclear next decade, EnBW has invested heavily in renewable power. This year it has reinforced its control over Leipzig-based gas importer and trader VNG, in which it has held a 74.2% stake since April; VNG also provides some Norwegian equity gas production. 

EnBW chief Dr Frank Mastiaux has had his term as CEO extended for five more years from October 1 2017 (Photo credit: EnBW)

Mastiaux joined E.On where he headed its climate & renewables division from 2007-10 and then its international business until 2012 including the formation of a Latin American joint venture generating business, Eneva, with a Brazilian partner. Eneva filed for bankruptcy protection in 2014 but since has continued operating. Prior to joining E.On, Mastiaux worked for Veba Oil, US refiner Citgo, and BP.

Mark Smedley