Former executive chairman of Gamesa Ignacio Martín will continue as chief executive of the merged new company Siemens Gamesa Renewable Energy, the board of directors of the combined company announced.

After a transition phase, Martín intends to support the selection process for a new CEO and then retire, the newly merged company said.

"Siemens Gamesa Renewable Energy's future could not be in better hands, as it is equipped with a top-notch executive team and workforce which will shape the renewable energy industry of tomorrow,” Martín said.