EnBW Supervisory Board accepts the resignation of Andreas Schell and appoints Georg Stamatelopoulos as the new CEO
Karlsruhe. In consultation with the EnBW Supervisory Board, Andreas Schell today resigned from his position as Chairman of the Board of Management effective end of 8 March 2024. The Supervisory Board accepted this decision at its extraordinary meeting convened today. The main reason for the resignation is the differing opinions between the Supervisory Board and the Chairman of the Board of Management on key issues relating to the strategic development of the company.
Lutz Feldmann, Chairman of the EnBW Supervisory Board: “We regret this step, which is being taken by mutual consent. Despite intensive discussions, it has not been possible to reach an agreement on the future strategic direction of the company in recent months. We would like to thank Andreas Schell for the considerable commitment he has shown at EnBW from day one, which is associated with many ideas and initiatives, and we wish him all the best for the future.”
Andreas Schell was appointed Chairman of the Board of Management at EnBW on 7 April 2022, succeeding Frank Mastiaux, and took office on 15 November 2022 with a contract term of three years.
At the same time, the Supervisory Board has appointed Georg Stamatelopoulos, 54, currently responsible for Sustainable Generation Infrastructure on the EnBW Board, as the company’s new Chairman of the Board of Management. Feldmann: “Over the course of almost 15 years, Georg Stamatelopoulos has been highly successful in restructuring the generation portfolio in various positions at EnBW. This includes significantly expanding wind and solar energy while simultaneously planning new hydrogen-ready gas power plants, not to mention phasing out nuclear power and, in the foreseeable future, coal-fired power generation. These successful restructuring measures undertaken thus far largely bear his signature. He keeps track of the overall system at all times, with the difficult task of balancing climate change mitigation, security of supply and affordability. He is a committed team player and, in his three years as a Board Member, has become a highly valued interlocutor not just within the company, but also beyond when dealing with policymakers and business leaders. He will continue to lead the company’s Sustainable Generation Infrastructure division until his successor has been appointed.”
Stamatelopoulos has been appointed Chairman of the Board of Management until the end of his existing appointments, namely until the end of 31 May 2029.
Georg Stamatelopoulos: “I am delighted with the trust placed in me by the Supervisory Board in making this appointment. I would like to thank the company’s shareholders and employee representatives in this regard. EnBW is an important player in all aspects of the energy transition – from electricity and heat to mobility. We need to maintain the right pace, take the right action and invest in the right projects in all of these areas. Together with my colleagues on the Board of Management, the EnBW managers and all employees, I would like to make sure that EnBW increases its social role and takes on more responsibility in order to unlock further growth opportunities for the company.”
In addition, the Supervisory Board has appointed Thomas Kusterer, 55, who has been Chief Financial Officer of EnBW since 2011, as Deputy Chairman of the Board of Management. The Supervisory Board recently extended Thomas Kusterer’s contract once again until 31 March 2029. The appointment as Deputy Chairman of the Board of Management also applies until the end of his existing appointments.
Lutz Feldmann: “As Chief Financial Officer, Thomas Kusterer has been involved in the transformation embarked on with real fervor back in 2012 to turn EnBW into a company that is consistently focused on the energy transition. From the outset, he established a financial management approach strategically geared toward the right issues and projects, while at the same time uncompromisingly focusing on the efficient use of resources and capital. In view of the many new challenges on the energy markets, this will be even more critical to success in the future. We are confident that Thomas Kusterer, in his role as Deputy Chairman of the Board of Management, will play a key role in further restructuring EnBW in terms of bringing about a sustainable transformation and ensuring the company continues to grow.”
Curriculum vitae for Dr. Georg Stamatelopoulos
Georg Stamatelopoulos was born in Athens on 15 January 1970. He studied engineering at the National Technical University of Athens, graduating in 1992. After subsequently studying at the TU Braunschweig, he was awarded his doctorate in 1996 from the Faculty of Mechanical Engineering.
In 1998, he embarked on his industrial career in power plant engineering, with positions at AE&E in Vienna and at Alstom in Stuttgart.
Later, in 2010, he moved to EnBW, where he oversaw new building projects for generation. From 2014, he was the head of the business unit responsible for the operation of renewable and conventional generation. Then, in 2020, he also took over the management of the decentralized energy services business unit.
On 1 June 2021, Georg Stamatelopoulos was appointed to the EnBW Board of Management as Chief Operating Officer for Sustainable Generation Infrastructure and is responsible for generation, trading, R&D, occupational safety and crisis management. Under his strategic and operational leadership and responsibility, the transformation of EnBW in line with the requirements of the energy transition and a secure energy supply has seen major progress. Work to expand wind and solar plants has been stepped up, projects aimed at building climate-friendly, hydrogen-ready gas power plants have been developed, permits have been secured to dismantle all of EnBW’s nuclear power sites, the volume of corporate renewable PPAs has been multiplied and, in response to the energy crisis, the LNG business has been firmly anchored within the trading sector.
Curriculum vitae for Thomas Kusterer
Thomas Kusterer was born in Pforzheim in 1968 and studied business administration at the University of Mannheim, graduating in 1993.
He subsequently embarked on his professional career at KPMG Deutsche Treuhand-Gesellschaft AG, where he worked for ten years in various positions and departments in Berlin, New York and Stuttgart, among other places. During this time, he sat his tax consultant exam in 1998, his certified public accountant exam in Vermont, USA, in 2001, and his auditor exam in 2004.
From 2004 to 2009 he was Head of Accounting and Taxation and from 2008 he was also appointed Chief Financial Officer at EnBW. He then joined EDF Energy plc, London, as a Member of the Board of Management / CFO for two years.
On 1 April 2011, Thomas Kusterer was appointed a Member of the Board of Management at EnBW Energie Baden-Württemberg AG. Within his Finance remit, he is responsible for the areas of accounting/taxation, controlling, finance, digital finance and transformation, Investor Relations, M&A, risk management/ICS, equity investment management, performance in growth, purchasing and risk management for trading.