Essent and RWE announce Executive Board new organisation
Arnhem, 17 March 2009 - On 12 January 2009 the intended partnership between Essent NV and the German RWE AG was officially announced. We are pleased to announce today the name of the chairman of the Supervisory Board and the new members of the Executive Board. The appointments are the result of the close cooperation and joint selection procedure of Essent and RWE and will be implemented after concluding the transaction between the two companies, which is expected in the third quarter of 2009.
Supervisory Board
As soon as the partnership is concluded it is the intention to appoint Rein Willems, previously President of Shell Nederland B.V., as chairman of the new Supervisory Board.
Executive Board
After conclusion of the partnership, as agreed with RWE, the new Essent organisation will be led by an Executive Board consisting of four members. Peter Terium (RWE) will become Chief Excutive Officer, Rinse de Jong (Essent) will remain Chief Financial Officer. Huib Morelisse (RWE) will be appointed Chief Technology Officer and Erwin van Laethem (Essent) will be appointed Chief Commercial Officer.
Until the conclusion of the partnership the new Executive Board will be involved in the Post Merger Integration process (PMI). Peter Terium will take over from Michiel Boersma as CEO of Essent as soon as the partnership is concluded and after a necessary hand-over period.