MUNICH, GERMANY - The Supervisory Board of Siemens AG made the first personnel decisions that will set the course for the company's future and Siemens' new energy business.

Managing Board member Michael Sen - whose current duties include responsibility for the company's equity investment in Siemens Gamesa Renewable Energy (SGRE) - will be proposed as CEO of the new company in the energy and electricity sector, Siemens stated in the press release.

Michael Sen has also been appointed Co-CEO with Lisa Davis of Siemens' Gas and Power (GP) Operating Company, effective October 1, 2019.

Lisa Davis previously informed the Supervisory Board that, for personal reasons, she did not wish to further extend her present contract. Until the ordinary Annual Shareholders' Meeting in 2020, she will ensure an orderly handover of her leadership responsibilities to Michael Sen. Lisa Davis will subsequently support the President and CEO of Siemens AG in an advisory capacity until her contract expires.

The Supervisory Board also appointed Managing Board member Roland Busch Deputy Chief Executive Officer, effective October 1, 2019, and Labor Director of Siemens AG, effective December 1, 2019.

In the summer of 2020, the Supervisory Board will make the decision regarding the successor and timing of succession to Joe Kaeser as President and CEO of Siemens AG. 

The new business should be publicly listed in September 2020.

Source: Siemens