Current CFO Markus Krebber will replace Rolf Martin Schmitz as CEO of utility RWE next year.

Schmitz has been CEO since 2016, overseeing major structural changes at the utility, including asset swaps with Eon and taking a significant stake in its rival. In the UK, the upshot was retail brand Npower being rolled into Eon.

Krebber joined the firm in 2012. He became CFO in 2016, and was instrumental in driving the Eon deal alongside Schmitz.

“It was important to the supervisory board to have a robust succession plan in place early on,” said board chair Werner Brandt.

“The appointment of Markus Krebber ensures that RWE’s strategic ambition to transform into a leading global player in the renewables sector will be pursued also in the long term. Together, Rolf Martin Schmitz and Markus Krebber have defined the course to develop the group into a sustainable company that will be carbon-neutral by 2040. This path shall be followed consequently.”