VERBUND Supervisory Board Appoints Members of the Board


Rabensteiner Appointed, Baumgartner-Gabitzer’s Term Renewed

In its meeting today, the Supervisory Board of VERBUND newly appointed and reappointed Members to the Managing Board of Austria’s largest electricity company. Günther Rabensteiner, who is joining the Board as its fourth Managing Director, will be responsible for the business units International Business and Thermal Power. Ulrike Baumgartner-Gabitzer was reappointed as Member of the Managing Board for Hydropower and Transmission. All four management contracts will remain in effect until the end of 2013.

“Our decision to appoint Rabensteiner and reappoint Baumgartner-Gabitzer reflects our intent to build on continuity and internationality," Gilbert Frizberg, Chairman of the Supervisory Board, stated. “On account of his longstanding experience and comprehensive expertise, his business and technical skills and his international know-how, Rabensteiner convinced the Supervisory Board of his qualifications. The reappointment of Ulrike Baumgartner-Gabitzer to her seat confirms the course we have taken which relies on the continuation of the successful corporate management of VERBUND." Frizberg concluded.

Günther Rabensteiner, up to now Chairman of the Managing Board of VERBUND Trading AG, has been holding a string of managerial positions at VERBUND since 1987. Rabensteiner is an acknowledged energy expert with wide experience in the international markets. He draws on 15 years of professional hands-on experience in executive positions at home and abroad, in areas such as production, engineering, international electricity business, and also in the establishment of international groups of companies. Accordingly, he also headed the negotiations that paved the way for the founding of the successful joint venture (of which he was vice-president for several years) with the Italian CIR group.

Rabensteiner was significantly involved in the successful set-up of VERBUND’s electricity wholesale and trading business which, in 2010, processed transactions totalling 141 TWh of electricity on European electricity exchanges and in OTC (over-the-counter) business in more than 15 countries. (Note: this is roughly twice the volume of energy required by Austria) In addition, he has wide-ranging experience in the business and a strong international network, not least due to his position as Chairman of the Exchange Council of the European Electricity Exchange EEX in Leipzig and of the EPEX Spot in Paris.

Rabensteiner will be taking over the international agendas of VERBUND on 1 April 2011 which have been - since 2010 - the responsibility of Wolfgang Anzengruber, in addition to his position as CEO and CFO. Furthermore, Thermal Power will switch from Johann Sereinig, Vice Chairman of the Board, to Rabensteiner. Sereinig will continue to be in charge of Trading and Sales as well as Human Resources.

The Supervisory Board of VERBUND additionally reappointed Ulrike Baumgartner-Gabitzer, Member of the Managing Board, as Head of Hydro Power and Transmission. Her contract was renewed until end of 2013. Baumgartner-Gabitzer can also look back on many years of experience in the energy business. From 1992 to 1995 and from 1997 to 2006, she served as Secretary General of the Association of Electricity Companies in Austria (VEÖ) – today Österreichs Energie (ÖE). The holder of a degree in law started her professional career in 1984 in the Ministry of Economy. She has been member of the Managing Board of VERBUND since 1 January 2007. Since 2010, she has been responsible for the agendas Hydro Power and Transmission. From 2007 until 2010, she was also assigned the business unit Renewable Power.