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UPDATE 1-E.ON says Klaus Schaefer to become new CFO
July 16, 2013 / 1:36 PM / in 4 years

UPDATE 1-E.ON says Klaus Schaefer to become new CFO

* Current CFO Marcus Schenck to join Goldman Sachs

* Klaus Schaefer to take over in October (Adds details on Schenck, Schaefer, background)

FRANKFURT, July 16 (Reuters) - Germany’s E.ON has named the current head of its Global Commodities unit as the group’s new chief financial officer from October this year.

Klaus Schaefer, 46, joined VIAG - one of the two companies whose merger gave birth to E.ON - in 1996 after working as a financial analyst with Morgan Stanley.

He will take over from Marcus Schenck, who will leave the group to take a job with his former employer Goldman Sachs as a member of the Investment Banking Division’s Global Operating Committee.

“Klaus Schaefer knows the group extremely well both at national and international level,” Werner Wenning, chairman of E.ON’s supervisory board, said in a statement.

“He successfully managed the extremely complex merger of E.ON Ruhrgas, a very traditional company, and E.ON’s energy trading business to form E.ON Global Commodities with a lot of sure instinct.”

Schenck, 47, had worked at Goldman Sachs between 1997 and 2006 and joined E.ON in December 2006. Schenck, whose duties at E.ON include M&A, is also a member of the supervisory board of Germany’s No.2 lender Commerzbank.

Under his tenure, E.ON has expanded into Brazil and Turkey, two regions the group says will boost growth in the future, offsetting weak energy demand and low wholesale power prices in Europe.

German utilities have also been dealt a severe blow by the country’s decision to stop using nuclear power in 2022 as well as the rise of renewable sources of energy, presenting E.ON and peers RWE and EnBW with a challenge to find new areas of growth outside nuclear.

In 2012, nuclear power accounted for more than a fifth of E.ON’s power generation, while oil and natural gas had a 34 percent share. (Reporting by Christoph Steitz; editing by Patrick Graham)

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