Innogy SE (IGY.XE) said Wednesday that Chairman and Chief Executive Peter Terium is resigning from the board of the company with immediate effect.
The resignation follows a profit warning at the German renewables company earlier this month. Until the board decides on the succession, Uwe Tigges, the chief human resources officer of Innogy, will assume the position of chief executive.
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Mr. Terium was previously CEO at RWE AG (RWE.XE), which spun-off its renewables business Innogy as an independent company. He took the helm at Innogy in October last year.
Earlier this month, Innogy cut its 2017 and 2018 forecasts, citing a difficult market environment in the U.K. retail business.
Mr. Tigges will also continue his present responsibilities as CHO.
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(END) Dow Jones Newswires
December 20, 2017 02:33 ET (07:33 GMT)