Karlsruhe. There is to be a change on the Board of Management of EnBW Energie Baden-Württemberg AG: Dr. Reinhard Volk, the Board member responsible for finance since December 1, 2000, has requested the Supervisory Board to release him from his duties. The responsible bodies complied with this request with effect from June 30, 2002 – as EnBW announced on Wednesday.
During his time at EnBW. Dr. Volk’s responsibilities also included the preparations for the stock market flotation of the company. He geared EnBW to the requirements of the capital market rapidly and efficiently. Dr. Volk‘s period on the Board also saw the successful issue of a bond with conversion privilege as well as the high-profile placement of a large-scale bond on the international capital market within the framework of an EMTN programme. This was also one the factors in the excellent rating published for EnBW by the leading international rating agencies at the beginning of the year. Due to the unfavourable outlook on the stock markets, EnBW decided in January to postpone the flotation until further notice – in consultation with major shareholders EDF and OEW.
The Chairman of the Board of Management of EnBW, Gerhard Goll, said: “We regret the decision of Dr. Volk. During his time with EnBW, Dr. Volk has initiated many new ideas and achieved a great deal.” Goll expects a successor for Dr. Volk to be named shortly.