Powergen chief to stand down

12 April 2012

POWERGEN chief executive Nick Baldwin is to step down once the electricity group has been taken over by German giant E.ON, it has emerged.

Mr Baldwin said he was leaving on amicable terms but pointed out the new role would not be as extensive as his existing position.

His position will be taken by Powergen chairman Ed Wallis, who will report to Ulrich Hartmann, chief executive of E.ON and future Powergen chairman.

Mr Baldwin, who has been in charge for 11 months, said he intended to stay until completion of the E.ON deal - expected in April.

He added: 'My decision to leave has been made on an amicable basis. In the new structure the role of group chief executive officer will not be as extensive as it currently is.'

The outgoing chief executive, who survived a lightning strike 18 months ago, joined the company in 1989 and became a board member in February 1998.

Also leaving Powergen on completion of the E.ON deal will be finance director Peter Hickson. He is to be replaced by Michael Soehlke, currently executive vice president at E.ON.

The German company still requires regulatory clearance from the US Securities and Exchange Commission and Powergen shareholders before the acquisition can be sealed.

It also emerged today that Mr Wallis will jointly lead a new company responsible for the US expansion of E.ON.

Powergen bought US-based utility LG&E Energy in 2000 and it was this move which was considered a key reason for E.ON's bid last spring.

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