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EON Appoints RWE Board Member Birnbaum, Retains Teyssen as Chief

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March 12 (Bloomberg) -- EON SE, Germany’s largest utility, hired Leonhard Birnbaum of RWE AG for its management board and extended Chief Executive Officer Johannes Teyssen’s contract.

EON’s supervisory board extended Teyssen and Management Board Member Jorgen Kildahl’s contracts until the end of 2018, the Dusseldorf-based company said today in a statement.

Klaus-Dieter Maubach and Regine Stachelhaus will be replaced by Birnbaum and Mike Winkel, the company said. It also extended the contract of Management Board Member Bernhard Reutersberg until the end of his 62nd year in February 2016.

Birnbaum, expected to join in July, will oversee markets and services, while Kildahl will be responsible for exploration and production and business in Russia and outside Europe. Winkel will become chief human resources officer and be responsible for conventional and renewables generation. Chief Financial Officer Marcus Schenck’s current contract runs to the end of 2014.

EON is among European utilities battling weaker demand and slower economies, at the same time that the company is dealing with Germany’s plan to exit nuclear generation by 2022. EON, which scrapped previous profit forecasts for 2013, plans to reduce capital spending and is selling assets to cut costs.

The utility is also studying whether to close unprofitable power plants. It will report its 2012 earnings tomorrow.

Stachelhaus leaves at the end of June due to illness in her family and Maubach by the end of March “by mutual agreement.”

To contact the reporter on this story: Tino Andresen in Dusseldorf at tandresen1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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