In a surprise move, Siemens named a new designate CEO for its soon to be spun-out Siemens Energy business as part of a major shake-up at the top of the German industrial giant.
Siemens Energy – which will own the majority of the Siemens Gamesa wind OEM business – will now be led by Christian Bruch, executive vice president at industrial gases group Linde. He will join Siemens in May ahead of the spin-out and listing of Siemens Energy, which the German group said was being pursued “on schedule and without change” at the end of September this year.
Bruch was named CEO designate of Siemens Energy in place of Michael Sen, who has been lined up to lead the new business ever since Siemens announced plans in 2019 to spin out and list it later this year as repository for its energy interests, including its controlling Siemens Gamesa stake.
Sen is instead leaving Siemens “by mutual agreement”. Klaus Patzak, Siemens Energy's designated CFO, is also departing the German group.
Siemens revealed that group CEO Joe Kaeser will step down from his role and be proposed as chairman of Siemens Energy. Kaeser – who will be replaced as group CEO by current deputy Roland Busch by 2021 – is immediately taking Siemens managing board responsibility for Siemens Energy “including Siemens Gamesa”.
Siemens recently spent €1.1bn ($1.21bn) buying Iberdrola’s 8.1% stake in Siemens Gamesa, giving it a 67% stake in the company.