Siemens is setting the course for establishing the next generation of management as Siemens President and CEO Joe Kaeser has informed the Supervisory Board that he will not be pursuing an extension of his contract.

He will be proposed as Chairman of the Supervisory Board of Siemens Energy.

The Supervisory Board has appointed Roland Busch, who is currently Deputy CEO, to be President and CEO of Siemens AG. At the latest, this appointment is to be effective at the end of the next ordinary Annual Shareholders' meeting, which is to take place on February 3, 2021.

Effective immediately, Joe Kaeser will, in addition to his current duties, assume responsibility within the Managing Board for Siemens Energy, including Siemens Gamesa Renewable Energy.

Michael Sen and Klaus Patzak, Siemens Energy's designated CEO and CFO, are leaving by mutual agreement.

Michael Sen will remain available as an advisor to the President and CEO of Siemens AG until the spring of 2021.

Source: Siemens