BERLIN (Reuters) – Uniper Chief Executive Klaus-Dieter Maubach plans to resign this year due to the nationalisation of the embattled utility by the German government, the firm said in a statement on Tuesday.

Maubach and Chief Operating Officer David Bryson are exercising their special right of termination in the event of a change of ownership and are planning to step down, Uniper said.

They will both continue performing their duties until suitable replacements have been appointed, it said, adding that the supervisory board has already begun the succession process.

Tuesday’s announcement hardly comes as a surprise, following the reshuffling of the supervisory board last year with the departure of representatives from former majority shareholder Fortum.

Chief Financial Officer Tiina Tuomela’s departure at the end of March was also announced last year, while Chief Commercial Officer Niek den Hollander’s contract expires as scheduled at the end of May 2023, Uniper said in a statement.

The Uniper Supervisory Board is already working full steam to put the new Management Board team in place, and we are very confident we will be able to announce more about the replacements soon,” said supervisory board chairman Tom Blades.

The Berlin government in December completed a 34.5 billion euro ($36.55 billion) bailout of Uniper, following European Commission approval, a nationalisation made necessary because of Uniper’s exposure to surging gas prices following Russia’s invasion of Ukraine.

(Reporting by Tom Kaeckenhoff; Writing by Miranda Murray; Editing by Madeline Chambers, Kirsten Donovan)