Siemens picks CEO of future energy business

The supervisory board of German industrial major Siemens AG (ETR:SIE) will propose Michael Sen for election next year as the CEO of the future publicly listed company in the energy and electricity sector.

Sen is currently responsible for Siemens’ equity investment in wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE), which was formed in 2017 through the merger of Spain’s Gamesa and Siemens Wind Power. The German group now has a 59% stake in that business.

As unveiled in May 2019, Siemens plans to create a new company to house its spun-off Gas and Power (GP) business and the Siemens Gamesa ownership interest. By doing so, it will establish a new energy major with a business volume of EUR 30 billion (USD 33.2bn) and more than 80,000 employees, combining conventional power generation with power supply from renewable energies.

Lisa Davis is the current CEO of the GP business, but she has decided to leave the company after her contract expires. For this reason, Sen has also been named co-CEO of the Gas and Power Operating Company, effective October 1, 2019.

Siemens' plan is to list the wider energy business in September 2020.

(EUR 1.0 = USD 1.107)

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