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.
David Bryson, the board member responsible for operational business, also intends to make use of his special right of termination.
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".
At the end of the year, Uniper's CFO Tiina Tuomela announced her departure.
The contract of the fourth board member, Niek den Hollander, also expires at the end of May 2023.
Chairman of the Supervisory Board Tom Blades was confident that he would soon be able to announce replacements.
He himself was appointed to the control committee at the end of last year and elected its chairman.
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.