E.ON AG (EOAN.XE) Friday announced plans to combine the management boards of its units E.ON Ruhrgas and E.ON Energy Trading in the latest sign that the German utility intends to pool parts of its global natural gas and energy trading businesses.
E.ON AG (EOAN.XE) Friday announced plans to combine the management
boards of its units E.ON Ruhrgas and E.ON Energy Trading in the latest sign
that the German utility intends to pool parts of its global natural gas and
energy trading businesses.
In an emailed statement, E.ON said the executive board members of the gas unit
E.ON Ruhrgas and E.ON Energy Trading will in future hold management board
positions at both units "to better facilitate the coordination of the
business".
The announcement comes after E.ON last month revealed plans to cut costs by
EUR1.5 billion by 2015 at the latest in response to an increasingly difficult
business climate. The plan could lead to up to 11,000 job cuts, or around 14%
of its global workforce.
People familiar with the matter have said that E.ON appears set to bundle parts
of its global gas and energy trading units, reflecting large operational
overlaps of the gas procurement activities at E.ON Ruhrgas and energy trading
operations.
Under the management shakeup plan, E.ON Ruhrgas Chief Executive Officer Klaus
Schaefer will also take charge of E.ON Energy Trading, the company said.
Schaefer effectively replaces Tony Cocker as CEO of the trading unit. Earlier
this week, E.ON said that Cocker will become CEO of the company's
U.K.
business in the course of the fourth quarter of 2011.
Additionally, E.ON said that Hans-Peter Floren will also join the E.ON Energy
Trading executive board and remain in charge for gas purchasing as board member
at E.ON Ruhrgas.
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