Wind

Siemens Energy CEO Bruch named Siemens Gamesa chairman 'to get grip on home-grown problems'

Board appoints Bruch ahead of planned full takeover of financially troubled OEM by parent in Munich

Siemens Energy CEO Christian Bruch
Siemens Energy CEO Christian BruchFoto: Siemens Gamesa

The board of Siemens Gamesa has appointed Siemens Energy chief executive Christian Bruch as non-executive chairman of the wind turbine manufacturer ahead of the planned full takeover of the financially troubled OEM.

Siemens Gamesa earlier this month had posted €940m ($974m) in net loss for its fiscal year 2022 that ended in September, just a week after majority shareholder Siemens Energy was cleared by Spain’s stock exchange regulator to buy the about one third in Siemens Gamesa it doesn’t already own through a voluntary cash offer.

“Structurally some things have to change in the wind market so that turbine manufacturers can be profitable, but above all we have to get a grip on our home-grown problems,” Bruch said.

“First and foremost, this requires passion and attention to detail, which is what I expect from management and employees. We have to tackle the problems step by step and show progress quarter by quarter.”

Bruch’s appointment is yet another sign that Munich-headquartered Siemens Energy is willing to put Spain-headquartered Siemens Gamesa on a shorter leash and ensure that the OEM’s business strategies and operations are in sync with those at the German parent.

The change at the top comes as Siemens Gamesa’s offshore wind chief Marc Becker at the Global Offshore Wind Summit organised by Recharge in Washington this week had warned of possible damage to the industry unless a “new reality” is being accepted for wind at sea of higher costs in the wake of Covid, inflation and the Russian war in Ukraine.

Bruch succeeds Miguel Ángel López, who will leave the company.

Bruch holds a doctorate in engineering from the Swiss Institute of Technology Zurich (ETH), and also studied at the Leibniz University Hanover and the University of Strathclyde, Glasgow. Before becoming CEO of Siemens Energy, he held senior positions at companies such as Linde and RWE.

The Siemens Gamesa board also has appointed Anton Steiger as new board member, who currently is responsible for all legal aspects of the takeover and integration of Siemens Gamesa into Siemens Energy.

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Published 18 November 2022, 08:47Updated 18 November 2022, 15:09
EuropeSpainGermanySiemens GamesaSiemens Energy