Coal, Gas, Gas Turbines

Siemens names Sen as prospective CEO for new power spinoff

Siemens has set in motion its leadership plans for its soon-to-be spinoff power company and announced preliminary succession plans for the parent firm.

Longtime Siemens executive Michael Sen will be proposed to the board as the CEO of the future publicly listed company focused on the electricity sector. Sen has been with Siemens since 1996 and most recently responsible for the parent’s stake in the Siemens Gamesa Renewable Energy unit.

Siemens AG CEO Joe Kaeser

Lisa Davis, who has been co-CEO of the Gas and Power Operating Co., will support the transition but will not renew her contract with Siemens. Siemens AG also appointed Roland Busch as Deputy CEO and announced that the supervisory board’s decision on a successor to CEO Joe Kaeser will come in 2020.

The newly formed Siemens spinoff is planned to be publicly listed in September 2020. Davis, who has been part of the top leadership for that power segment, will work with Sen to ensure an orderly transition.

“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.”

In May, German-based Siemens announced its fundamental transformation to spin off its gas and power divisions which would also include its stake in windpower firm Siemens Gamesa.

The new company would have an anticipated enterprise value of about $30 billion. The new Siemens Power, or whatever it will be called, would include conventional power generation, transmission, oil and gas and renewable technologies.

The move is part of Siemens corporate strategy called Vision 2020+. The new directive will focus the parent Siemens on next-generation business aims, such as digital industries and smart infrastructure.