2023-09-17 08:20:16
Why did Chris Peeters leave Elia for bpost? Attempt to explain with those who know him best: his board of directors, his directors, his employees and those involved in the country’s major energy issues.
Last week, the announcement that Elia’s CEO was leaving for bpost took everyone by surprise, as Chris Peeters had become the face of security of supply and the Belgian energy transition.
“It’s as if he went from the Europa League to the Belgian championship,” we might read from some economic commentators. “If he leaves, it’s because there’s something wrong with Elia,” we heard hissing. “He had the shoulders to lead a large international group“, others were surprised.
“He needs very difficult challenges to be stimulated.”
Someone close to him within Elia
However, when we question our closest road partners – members of the board of directors, the management committee, political leaders and collaborators -, we realize that the surprise is in reality not total. Exploration of a small earthquake in the black-yellow-red energy world, in the company of high-ranking people who, for reasons of confidentiality, spoke to L’Echo with a masked face.
Personal decision
To the question “Did you see it coming?”, all our interlocutors answered in the negative. What is certain is that the departure of the big boss of the high voltage electricity network manager (GRT) was sudden. “No one knew until Tuesday evening (September 5), not even the compensation committee“, we are assured internally.
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But the feeling of surprise didn’t last long. “He had been in place for 8 years. This is rare for a position of this type. At 56, he has reached a point in his life where he takes stock was necessary for him. And he needs very difficult challenges to be stimulated. You can’t ask Chris to run a business where everything is stable. There are obviously still major challenges at Elia, but the long-term strategy is drawn up. At bpost, everything has to be done,” says a person close to him within the company. “He had been following bpost news in the media for a long time and it gave him ideas. The headhunter’s proposal came at the right time,” she continues.
“Money, on the other hand, is the least of his concerns.”
A source close to the Elia board of directors
Consultant serving the public
A certain feeling of “having done the trick” in Elia mixed with a thirst for a new challenge, as the driving forces behind the decision, therefore. But why not aim for the “Champions League”? There, the answer is less unanimous, but everyone who knows him emphasizes his deep attachment to public service. “He has always been very motivated by the general interest. At Elia, its mission was to achieve the energy transition. Money, on the other hand, is the least of his concerns,” assures us a source close to the CA.
“I understand his departure but, at first, I was shocked to learn of his choice,” said an administrator. “Then I understood that the challenges faced by bpost – digitalization in mind – correspond perfectly to its strategic vision. He remains a consultant at heart (Chris Peeters worked for 14 years at McKinsey, Editor’s note), while being very attached to his country“, he continues. “I am not surprised by the choice of bpost because it will allow him to stay in contact with politics, which is very close to his heart. He was already close to Tinne Van der Straeten (Minister of Energy) and there he will work with another Groen, Petra de Sutter (Minister of the Civil Service),” breathes a former right-hand man.
“I am very proud that he is moving from Elia to bpost rather than leaving for an offshore wind giant like Ørsted or Vattenfall.”
Tinne Van der Straeten
Federal Minister of Energy
Tinne Van der Straeten, in fact, agreed to give us this comment. “I am very proud that he is moving from Elia to bpost rather than leaving for an offshore wind giant like Ørsted or Vattenfall. He might have chosen a much easier mission and he didn’t.” A choice which can also be explained, a relative tells us, by his desire to stay close to his family.
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Strategist rather than finisher
As we have said, the challenges awaiting Chris Peeters at the postal operator are colossal. But above all they are strategic. At Elia, in eight years, he managed to impose his vision, transforming the group in depth and giving it a truly international dimension. Among its major projects, let us cite the digitalization of networks, the development of offshore wind power or even the multiplication of interconnections.
“He put the boat in the right direction. Making sure you put transformers in service, that’s not his thing.”
An engineer employed at Elia
But today, these projects have been launched. “We know the project portfolio until 2035, he put the boat in the right direction,” an engineer employed by the GRT told us. “Ensuring that transformers are put into service, on the other hand, is not his thing,” he sketches.
In a speech given to his staff, Chris Peeters himself admitted: “I’m not the best at execution and details.” “He presents above all a technical and strategic profile, which can be explained by his McKinsey years”, we judge. “For the future, we will undoubtedly need a more operational profile”, slips a director .
Going and divisive
There, Peeters’ personality – described by our speakers unanimously as a go-getter, self-confident and a tough negotiator – will undoubtedly be taken into account by the remuneration committee when it draws up the profile of his successor. “He defined the vision and the strategy but in order to be able to implement it with the stakeholders – regulator (Creg), distribution network operators (DSO), public authorities, etc. -, we may need someone more flexible, more adept at ‘Belgian’ compromise”says a close observer.
It is true that the boss has not only made friends over the last eight years. Its complicated relations with the Creg and the GRDs are no secret. And for certain directors and administrators of Elia, the company would benefit from putting on a more conciliatory face, now that the strategy is on track.
“Perhaps someone more discreet and more unifying would be a better fit for the next stage of the company’s life.”
A highly placed source at Elia
“His aggressiveness made it possible to develop the company considerably. But his go-getter side was sometimes blocked by the public shareholder or the regulator, which frustrated him. And he was not tactful. But we don’t negotiate at Elia like we do it at McKinsey. And even less at bpost,” we are told. “He goes for it and doesn’t wonder if we’re following him“, adds a senior figure at Elia. “Perhaps someone more discreet and more unifying would correspond better to the next stage of the company’s life”, he further suggests.
Ambition curbed
Like a true political animal, Chris Peeters put up with sometimes frustrating negotiations with the sector. On the other hand, he seemed to have more difficulty swallowing the growing reluctance of the GRT’s public shareholder, Publi-T (municipalities, 44.9%), to accelerate the internationalization of the group, dear to its heart.
“We felt that his desire to expand Elia beyond Belgium and Germany was threatened by the board of directors.”
A close observer of the file
“With the expertise and reputation acquired in offshore wind power, Chris pushed to conquer other markets and make acquisitions,” we are told. “However, given the difficulties encountered by the sector, the shareholder has expressed some reservations,” continues the well-informed source. “Certainly, at Fluxys (of which Publi-T is also a shareholder, Editor’s note), there are numerous incursions into Latin America, but investments in offshore wind power are more risky and costly than in gas.“, says another close to the council.
No doubt the pace imposed by man was hampered by the reality of a company largely owned by the public. “It is clear that decisions are not made as quickly as in a private company. There is a form of inertia”, indicates a member of the board of directors. “We felt that his desire to extend Elia beyond Belgium and Germany was threatened by the board of directors”, states a close friend observer.
Will Chris Peeters be able to instill his vision in a bpost facing great difficulties despite the obstacles thrown in his way by new “stakeholders”? Will we find the unstoppable strategist and lover of public service described by those close to him within Elia? “What is certain is that they will have an interest in staying at bpost,” says an amused connoisseur.
The post office’s transition, like “energy”, promises to be tough.
The summary
The departure of Chris Peeters for bpost was surprising in its timing but seems match his personality.His closest work partners describe him as passionate regarding public service, looking for difficult challenges, go-getter, tough negotiator and outstanding strategist.At Elia, he seemed to have “made the rounds” and had “put the boat in the right direction.” His international ambitions for the company were also hampered by his turnover.More strategist than finisherPeeters will try to leave his mark on bpost, as he did at Elia.
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