Innogy chief executive Peter Terium will leave the company with immediate effect in a “friendly agreement with the supervisory board”, the Germany-based renewables-focused energy group said.

Terium will be replaced by human resources and labour chief Uwe Tigges as CEO on a temporary basis.

The supervisory board generally supports the corporate and finance strategy pursued by the board, but sees the need for greater emphasis on cost discipline, and a more focused growth and investment strategy, Innogy said.