The boss of energy giant Uniper has announced he will resign after the German Government nationalised the company.

Uniper said earlier today, Klaus-Dieter Maubach will step down as Chairman of the management board of Uniper.

The gas supplier said: “Maubach declared to the Supervisory Board of Uniper that due to the majority takeover of Uniper by the German Federal Government, he will exercise his special right of termination and resign as a member of the Management Board of Uniper SE this year.”

Uniper Chief Executive Officer Klaus-Dieter Maubach said: “The entry of the German Federal Government as the new majority shareholder marks the start of a new phase. A strategic realignment of the company will have to take place, and there is no time to lose.”

Supervisory Board Chairman at Uniper Tom Blades commented: “Klaus-Dieter Maubach has led Uniper through the existential crisis triggered by Russia last year.

“He has succeeded in stabilising the company, for which he deserves great thanks.”

Uniper owns and operates seven power stations across the UK.