Siemens Energy extends CEO Contract as Recovery Continues

Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis.

Bruch has been leading the former Siemens AG division, since 2020. Last year, a plan to buy the remaining shares of Siemens Gamesa, a wind unit, caused the company to be in turmoil because of quality issues.

The Supervisory Board chairman Joe Kaeser stated that "the hoped for improvements in transparency, access and accessibility materialized, but revealed fundamental shortcomings."

Christian Bruch and his team raised the conventional business with unmatched commitment to new levels and stopped the existence decline of the wind industry.

The company announced that the current Bruch contract, which is valid until April 2025 was extended to April 2030.

Bruch stated that his main goal was to increase profitability and the value Siemens Energy shares which, on Wednesday, reached their highest level since January 2021. He also said this included restructuring Siemens Gamesa, and strengthening the balance sheet of the group. Reporting by Harshita Menaktshi and Christoph Steitz in Bengaluru; editing by Krishna Chandra Eluri, Nick Zieminski and Nick Zieminski

(source: Reuters)