Uniper CEO Klaus-Dieter Maubach steps down after German takeover

German gas distributor Uniper announced on Tuesday that Klaus-Dieter Maubuch intends to step down as chief executive.File photo courtesy of Friedmann Vogel/EPA-EFE

Chairman of the Supervisory Board of the Board of Directors Tom Blades thanked Maubach for leading the company through difficult times. Before the Ukraine war, Uniper relied heavily on Russian gas and had to pay a high price to find alternatives.

“He has succeeded in stabilizing the company, for which he deserves great thanks, and I would like to express this on behalf of the entire Supervisory Board,” Blades said.

The company’s chief operating officer, David Bryson, will also leave.

reshuffle follows november decision The German government increased its stake in Uniper from 30% to 99%, securing a majority stake previously held by Finnish energy company Fortum.

Fortrum Chief Executive Markus Rauramo said at the time that Uniper had amassed gas-related losses of about $8 billion and that it might not be able to fulfill its role as a major gas supplier.

Germany, like many Western countries, has been forced to reconfigure its energy sector because of serious energy security concerns created by sanctions imposed by Western-backed Russia over its invasion of Ukraine.

Germany sits on the receiving end of Russia Beixi The natural gas pipeline, a major artery that has been closed for months.but it can Establish Construction of an offshore regasification facility in less than a year to convert liquefied natural gas, much of it from the US, back into a gaseous state for use in the energy industry.

After focusing on supply for much of last year, data from European Gas Infrastructure showed German gas storage was 90% full.

Still, Maubach said the company is now entering a new phase where it’s time to back down.

“Companies have to make strategic adjustments and there is no time to waste,” he said.