Current Siemens managing board member Michael Sen has been proposed by the conglomerate’s supervisory board to become chief executive of its future publicly-listed energy and power company.
The new energy company will be an energy pure-play, including the current Siemens Gas & Power operating unit, and will also own the 59% in wind turbine OEM Siemens Gamesa Renewable Energy (SGRE) currently owned by Siemens itself.
Sen’s responsibilities at the Siemens managing board so far have included Siemens Gamesa.
"Michael Sen's appointment as CEO will put a strong, strategic leader at the helm of the future energy business,” said Jim Hagemann Snabe, chairman of the supervisory board of Siemens AG.
No changes are currently planned for either the location of Siemens Gamesa headquarters (currently in Spain) or its management (currently led by CEO Markus Tacke), a Siemens press official in Munich told Recharge.
Sen in recent years has shown an excellent instinct regarding the energy and renewables business.
Earlier this year, Sen in a newspaper interview predicted that smaller wind turbine manufacturers will drop out of the market, while only the big and strong will survive.
This week, Siemens Gamesa said it has entered exclusive non-binding negotiations with Senvion over a potential acquisition of selected service and onshore assets in Europe of the embattled rival wind OEM.
Siemens in May had said it will give up its majority stake in the beefed-up Gas & Power unit, but will remain a strong shareholder in the new energy and power company with a shareholding of initially less than 50%, but above the level of a blocking minority stake.
Sen has also been named co-CEO of Siemens Gas & Power unit together with current CEO Lisa Davis, whose contract will expire at the end of January 2020.
Siemens plans to list the new energy company on the stock market in September 2020. The plans still need to be approved by a shareholders’ meeting next year.
Siemens Gas & Power currently comprises the conglomerate’s oil and gas, conventional power generation, power transmission and related service businesses.
