Karlsruhe. Frank Mastiaux yesterday informed the nomination committee of the EnBW supervisory board that he has decided to leave EnBW when his second term as CEO of the company expires in September 2022.
Frank Mastiaux commented: "In recent years, EnBW has successfully reshaped itself along the lines of a long-term plan, consistently focusing on the requirements of the modern energy world. From a position of renewed strength, EnBW has now entered a period of sustainable growth in the years to come. The course for this has been set. This is the right time for me to hand over my office to other hands when my second term of office expires next year and to devote myself to new issues and challenges. I have not yet decided exactly what this will be, because my top priority is to continue my work as CEO of EnBW.”
Lutz Feldmann, Head of the Supervisory Board of EnBW: “Under the leadership of Frank Mastiaux, EnBW has successfully and exemplarily implemented a very difficult restructuring and at the same time opened up promising new prospects for the future. Not least in view of this pleasingly positive development, the Supervisory Board very much regrets Mr. Mastiaux's decision, but naturally respects and accepts it. We will set the process of succession in motion promptly, for which sufficient time has been given."
EnBW is one of the largest energy supply companies in Germany and Europe, with a workforce of 24,000 employees. It supplies electricity, gas, water together with infrastructure and energy-related products and services to around 5.5 million customers. Expansion of renewables is a cornerstone of EnBW’s growth strategy and therefore a major focus of capital expenditure. Since the beginning of its corporate transformation, EnBW has invested some €4.7 billion in its Renewable Energies segment. About a further €4 billion is to be invested in the further expansion of wind and solar energy and also in fuel switch activities by 2025. Installed renewable energy capacity will account for 40% of EnBW’s generating portfolio by the end of 2020 and is targeted to reach 50% by the end of 2025. This is already having a noticeable impact in terms of reducing CO2 emissions, which EnBW plans to halve by 2030. EnBW aims to attain climate neutrality by 2035.