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UPDATE 1-E.ON designates new chief to catch up with peers

Published 08/10/2009, 03:47 PM
Updated 08/10/2009, 03:48 PM

* E.ON names Johannes Teyssen CEO from May 1, 2010

* Current CEO Wulf Bernotat stays until Teyssen takes helm (Adds details)

By Peter Dinkloh

FRANKFURT, Aug 10 (Reuters) - E.ON , the world's largest utility, designated a new chief executive on Monday as it works to earn more money from 18 billion euros ($25.54 billion) of acquisitions in Italy, Spain and Russia and match the profitability of peers.

The chief operating officer and current deputy chief executive, Johannes Teyssen, will succeed chief executive Wulf Bernotat in May 2010, E.ON said on Monday.

A person familiar with the matter told Reuters last month that Teyssen was set to get the job. [ID:nLK206458]

Teyssen, a trained lawyer and economist from Hildesheim in northern Germany, has worked his entire 20-year career within E.ON or in companies that later merged to become E.ON, starting in the department for energy law at power provider PreussenElektra.

"Teyssen knows the company inside out," said London-based Credit Suisse analyst Christopher Kuplent, speaking ahead of E.ON's announcement.

"That prepares him in an excellent way for his main task: streamlining the company and making it work more efficiently."

(Editing Bernard Orr)

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