May 9, 2018 / 6:46 AM / a year ago

E.ON puts Birnbaum in charge of asset swap with RWE

Electric car parking place with the charging stations is seen at the front of the German utility E.ON headquarters in Essen, Germany, May 9, 2018. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German energy group E.ON (EONGn.DE) on Wednesday said it would put board member Leonhard Birnbaum in charge of overseeing a complex asset swap with rival RWE (RWEG.DE) that will result in the break-up of renewables and networks group Innogy (IGY.DE).

Birnbaum, currently in charge of E.ON’s grids and renewables business, will take on his new duties from June and will remain responsible for E.ON’s renewables business until it is transferred to RWE as part of the deal.

Under the break-up plans, first unveiled in March, E.ON will get Innogy’s customer and networks activities, while RWE will receive E.ON’s and Innogy’s renewables operations, turning it into Europe’s third-largest green energy player.

Thomas Koenig, currently in charge of E.ON’s networks in Germany, will join the company’s management board to become chief operating officer for grids on a group-wide level.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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