Siemens – major changes at the top

Power generation giant Siemens announced some dramatic changes at the top of its corporate structure coming within the next year.

Joe Kaeser is stepping down effective early next year as Siemens AG CEO after more than seven years in that role and 40 years with the German company. He is not pursuing a contact extension but is proposed as chairman of spinoff Siemens Energy’s supervisory board.

Kaeser is being replaced in the CEO role by Roland Busch, who is receiving a new five-year contact. Busch already is assuming duties for Siemens’ operating companies’ digital industries, smart infrastructure and mobility duties prior to taking the overall lead early next year.

Meanwhile, Michael Sen, who had been CEO designate for the power and renewables spinoff Siemens Energy, is leaving the company by mutual agreement, according to the release. Instead, Linde plc Executive Vice President Christian Bruch is now the designated CEO of Siemens Energy, which is set to be separated from the main company later this year.

“Siemens is setting the course for establishing the next generation of management,” read the company press release. “To this end, the Supervisory Board of Siemens AG has made pivotal personnel decisions at an extraordinary meeting today.”

Departing along with Sen is former designated Siemens Energy Chief Financial Officer Klaus Patzak, who will be replaced by Maria Ferraro, currently CFO of Digital Industries Operating Co. Sen will leave the company on a daily basis but will remain available as adviser to the president and CEO of Siemens AG until the spring of 2021, according to the company.

Source: Power Engineering