After the nationalization of the energy company Uniper, CEO Klaus-Dieter Maubach announced his resignation.
Maubach will resign as a member of the board this year, but will remain in office until a suitable successor has been appointed, Uniper announced in Düsseldorf on Tuesday.
Uniper became federal property at the end of December.
Maubach explained that a new phase was beginning with the entry of the federal government as the new majority shareholder.
A strategic realignment of the company will have to take place, and there is no time to lose.
Now is the right time to "clear the way for a new board team".
Maubach was appointed CEO of Uniper at the end of March 2021.
He led the company through the "existential crisis triggered by Russia last year," said Tom Blades, Chairman of the Supervisory Board.
The initially reduced and then absent gas deliveries from Russia had brought Uniper to the brink of insolvency - the group had to meet the delivery obligations to its around 1000 customers and buy gas at much higher prices.
In the first nine months of 2022, the group accumulated a loss of 40 billion euros.
The federal government took over the group on the grounds that this would serve the security of energy supply in Germany.