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 contract 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 contract. Busch is already 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.”
Busch has been acting Deputy CEO. His appointment, however, will wait until February 3, 2021. Kaeser will handle his current duties plus add responsibility for Siemens Gamesa Renewable Energy.
He has worked at Siemens as chief technical officer, labor director, chief operating officer and head of corporate strategy, among other leadership roles.
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 an adviser to the president and CEO of Siemens AG until the spring of 2021, according to the company.
“We would like to thank Michael Sen and Klaus Patzak for their support in preparing the spinoff of Siemens Energy,” the release reads. “In this process, we’re on schedule, and we’re still pursuing a public listing of the company in September 2020.”
Siemens develops and manufactures gas turbines, digital equipment and much more for the power industry. Involved in numerous sectors, the company has more than 380,000 employees and generated more than 86 billion Euros in revenue during its last fiscal year.
