Siemens Energy raises outlook, flags CEO change in wind unit

Siemens Energy raises outlook, flags CEO change in wind unit/Reuters

VoM News Desk | May 8, 2024 | 11:09 AM IST | World | Follow on Google News

Siemens Energy raises outlook, flags CEO change in wind unit

Siemens Energy raises outlook, flags CEO change in wind unit

FRANKFURT, May 8 (Reuters) – Siemens Energy (ENR1n.DE), opens new tab will replace the boss of its troubled wind turbine division after little more than two years in the job, the company said on Wednesday, also raising its outlook for 2024 primarily on the back of its power grid business.

Jochen Eickholt, who took over as Siemens Gamesa CEO in March 2022, will step down at the end of July and be replaced by Siemens Energy board member Vinod Philip, the group said, adding it was time for a generational change at the struggling business.

Eickholt, a Siemens veteran, led the wind turbine maker through its most turbulent time since it was created in 2017, including a major crisis linked to quality problems at its most recent onshore wind turbine models last year.

“It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO,” Siemens Energy CEO Christian Bruch said.

Going forward, Siemens Gamesa’s onshore business will be focused on two main markets going forward, Europe and the United States, the group said, fleshing out a more streamlined approach first flagged late last year.

On the back of strong demand for power grid equipment, Siemens Energy raised its outlook for sales, operating profit and free cash flow, now expecting revenues to grow by 10-12% in 2024, up from a previous 3-7% target range.

(Except for the headline, this story has not been edited by VoM News staff and is published from syndicated feed)

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.