Schneider Electric: departure of CEO Peter Herweck after strategic disagreements

Schneider Electric announced the sudden departure of its CEO Peter Herweck, who had been in office since May 2023, due to disagreements over the company’s strategy. Olivier Blum takes over immediately.

Partagez:

Schneider Electric has ended the tenure of its CEO, Peter Herweck, who took the role in May 2023. The board made this decision due to disagreements in the implementation of the company’s roadmap. Olivier Blum, previously in charge of Energy Management within Schneider, is appointed as his successor and assumes his duties starting today.

Financial context and recent results

This announcement comes amid strong financial results for Schneider Electric. The company reported a 5.9% increase in revenue in the third quarter of 2024, reaching 9.3 billion euros, with total sales amounting to 27.5 billion euros over the first nine months of the year. Schneider Electric maintains its growth forecast for its adjusted earnings before interest, taxes, and amortization (EBITA) between 9% and 13% for the entire year of 2024.

Fine for cartel practices in the electrical sector

In parallel with these results, Schneider Electric was recently penalized by the Competition Authority, which imposed a fine of 207 million euros for cartel practices involving several players in the low-voltage electrical equipment distribution sector. The total amount of fines for the companies involved is 470 million euros.

Peter Herweck’s career and Olivier Blum’s appointment

Peter Herweck, who joined Schneider Electric’s leadership in May 2023, stepped down after a career spanning several decades in the electrical sector. Olivier Blum, 54, steps into his role with the mission to pursue the company’s objectives amid a context of transformation and strategic reorientation.

  • Populaires ​
Nepal Identifies Major Methane Reserve Estimated at 112 Billion m³
Tesla Signs $560 Million Contract for Electricity Storage in China
Europe Commits Major Investments to Electricity Grids and the Clean Industrial Deal
Invenergy and Meta expand US portfolio with an additional 791 MW
Iraq Suspends Oil Projects Amid Regional Conflict and Strained Logistics
Ares Management acquires 20% of Plenitude’s capital for 2 billion euros
The US investment fund Ares Management enters Plenitude's capital by acquiring a 20% stake from Eni, valuing the Italian company at 10 billion euros and reinforcing its integrated energy strategy.
Airbus selects ENGIE to decarbonise 22 industrial sites across Europe
ENGIE secures a contract to reduce Airbus' industrial emissions in France, Germany, and Spain, targeting an 85% decrease by 2030 through various local energy infrastructures.
Alain Rhéaume steps down as Chairman of Boralex’s Board of Directors
Alain Rhéaume, Chairman of Boralex’s Board of Directors for eight years, will leave his position by December, following the appointment of his successor by the governance committee of the Canadian energy group.
Statkraft announces $292 million cuts amid European financial pressures
Norwegian group Statkraft plans an annual cost reduction of NOK2.9bn ($292 million) by 2027, citing possible job cuts amid rising financial burdens and volatility in the European energy market.
EDF establishes EDF power solutions to consolidate international low-carbon activities
EDF merges EDF Renouvelables and its International Division into EDF power solutions, led by Béatrice Buffon, to optimise its global 31 GW low-carbon energy portfolio and strengthen its international positioning.
TotalEnergies and Mistral AI Launch AI Laboratory Focused on Industrial Optimization
TotalEnergies announces a strategic partnership with Mistral AI to establish a dedicated innovation laboratory integrating artificial intelligence tools aimed at enhancing industrial efficiency, research, and customer relations.
ETC warns of trade tensions linked to clean energy supply chains
The Energy Transitions Commission warns of economic risks tied to growing protectionism around clean technologies, while calling for global consensus on carbon pricing.
Baker Hughes sells sensor division to Crane for $1.15bn
Baker Hughes has reached an agreement to sell its precision sensor product line to Crane Company for $1.15bn, thereby refocusing its operations on core competencies in industrial and energy technologies.
Baker Hughes
KKR and PSP inject $2.82bn into AEP’s US transmission network
American conglomerate American Electric Power sold 19.9% of two transmission subsidiaries to KKR and PSP Investments, raising $2.82bn to support its five-year $54bn investment plan.
Israel identifies 165 key companies in the 2025 energy tech landscape
The new mapping by Startup Nation Central identifies 165 active companies in Israel’s energy technologies, amid strong private funding and growing global market interest.
Bernard Fontana Launches 30% Cost Reduction Plan at EDF
The new CEO of EDF, Bernard Fontana, aims to achieve €1 billion in operational cost savings for the French energy giant by 2030, prioritizing industrial contracts and the national nuclear sector.
CMS Energy launches debt repurchase offer for $125 million
CMS Energy Corporation has announced a cash tender offer for debt securities totalling $125 million, issued by Consumers Energy. The offer expires on July 3, 2025, with priority given to bonds submitted before June 17, 2025.
Vermilion Energy sells U.S. assets for $87.88mn and adjusts its forecasts
Vermilion Energy is exiting the U.S. market permanently by selling its assets for C$120mn ($87.88mn), refocusing its operations on Canada and Europe while reducing its debt and investment budget.
Eni Pays €8.4 Billion to Energy-Producing Countries in 2024
In 2024, Italian energy giant Eni paid approximately €8.4 billion to various global governments. These payments, primarily concentrated in Africa and Asia, reflect its commitments in the international energy sector.
Global energy investment to reach record $3.3tn in 2025, says IEA
The International Energy Agency projects a record-high global energy investment in 2025, driven by electricity and low-carbon technologies despite geopolitical and economic uncertainty.
Suspicion of Collusion: Formal Investigation Launched into Czech Energy Auction
The Czech regulatory authority launches an investigation into suspected collusion involving several major actors in the awarding of a thermal power plant, putting transparency of a strategic transaction for the energy sector at stake.
DR Congo replaces cobalt export ban with quota system
The Democratic Republic of Congo is set to replace its temporary ban on cobalt hydroxide exports with quotas, aiming to balance global demand, secure revenue, and stabilize market fluctuations.
European Energy secures EUR 145mn loan for wind and solar projects in Lithuania
European Energy secured EUR 145mn in financing from SEB and Swedbank to support wind, solar, and storage assets in Lithuania, reinforcing its regional expansion strategy.
Greenvolt sells 231 MW of energy projects in Spain to Transiziona for €195mn
Greenvolt Group finalised the sale of 28 solar and wind projects to Transiziona, valued at €195mn, bringing total asset sales to €530mn in 2025 as part of its pan-European strategy.
Aegis Vopak Terminals goes public in Mumbai with €2.7bn valuation
Royal Vopak’s Indian joint venture rose nearly 3% on its first trading day in Mumbai, reaching an implied valuation of €2.7bn ($2.93bn).

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS