Siemens Picks CEO Of New Power Company

Michael Sen will be proposed as CEO of the new company, which is supposed to be publicly listed in September 2020

The Supervisory Board of Siemens AG said Managing Board member Michael Sen will be proposed to lead its new standalone energy business.

Sen—whose current duties include responsibility for the company’s equity investment in Siemens Gamesa Renewable Energy (SGRE)—will be proposed as CEO of the new company, which is supposed to be publicly listed in September 2020. Sen has also been appointed Co-CEO with Lisa Davis of Siemens’ Gas and Power (GP), effective Oct. 1. Davis previously informed the Supervisory Board that, for personal reasons, she did not wish to further extend her present contract.

“We’re reinventing Siemens from a position of strength, and our transformation is following a clear plan,” said Jim Hagemann Snabe, chairman of the Supervisory Board of Siemens AG. “We established the strategic basis for the future of our business by creating Vision 2020+. We then decided on the structure, which laid the foundation for two new Siemens companies. Now is the right time to make the initial personnel decisions that will set the leadership for the future.

“Employees, customers and future shareholders are rightfully interested in knowing early who will be leading Siemens’ energy business,” Snabe said. “Michael Sen’s appointment as CEO will put a strong, strategic leader at the helm of the future energy business. During his time at E.ON, he gained broad experience in the energy industry on both the customer and supplier sides. The Supervisory Board is convinced that Michael Sen and his team will seize the opportunities that a public listing provides and lead GP to sustainable success.”

Sen, 50, was born in Korschenbroich, Germany and started working at Siemens in 1996.

Until the ordinary annual shareholders’ meeting in 2020, Davis will ensure an orderly handover of her leadership responsibilities to Sen, the company said. Davis will subsequently support the President and CEO of Siemens AG in an advisory capacity until her contract expires.

The Supervisory Board also appointed Managing Board member Roland Busch Deputy Chief Executive Officer, effective Oct. 1 and Labor Director of Siemens AG, effective Dec. 1. Busch will also be responsible for the implementation of the Vision 2020+ strategy. Janina Kugel, Chief Human Resources Officer and Labor Director of Siemens AG, will support the change process until her contract expires at the end of January 2020. In the summer of 2020, the Supervisory Board will make the decision regarding the successor and timing of succession to Joe Kaeser as president and CEO of Siemens AG.

“By appointing Roland Busch Deputy CEO, we’re emphasizing the importance of the industrial digitalization of the company for the next generation,” Hagemann Snabe said. “Over the past five years, Lisa Davis has achieved outstanding results for GP. In the face of the drastic structural market changes, she initiated the required reorganization and the important capacity adjustments that accompanied these changes in a difficult environment. The Supervisory Board expressly thanks Lisa Davis for her leadership and accomplishments. We respect her personal decision, and we’re very pleased that she’ll be supporting Michael Sen as Co-CEO during the transition phase.”

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