Siemens Gamesa appoints new CEO

Source: press release, 17 June 2020

CEO of Siemens Gamesa, Andreas Nauen
CEO of Siemens Gamesa, Andreas Nauen (photo: SGRE)

The Board of Directors and Markus Tacke have mutually agreed to terminate his CEO contract, effective June 17, 2020. Andreas Nauen, who has headed the Siemens Gamesa Renewable Energy’s (SGRE) successful offshore activities, has been appointed the new CEO with immediate effect.

“We’d like to thank Markus Tacke for his work over the past 3 years and, in particular, for the integration of Siemens Wind Power and Gamesa in the course of the merger,” says Miguel Angel López, Chairman of the Board of Directors of Siemens Gamesa. A new CEO for the offshore division will be announced in due course.

SGRE also reports that based on the assessment of management, project costs and the financial impact of COVID-19 disruptions will result in a negative EBIT in the third quarter, before PPA and integration as well as restructuring costs. The anticipated positive EBIT in the fourth quarter is not expected to completely offset the negative development for the full fiscal year.

“Andreas Nauen has successfully demonstrated his ability to handle complex projects in the past. He has extensive experience with listed companies in the renewables sector. We expect the new CEO to now stabilise the onshore area quickly,” says Miguel Angel López, Chairman of the Board of Directors of Siemens Gamesa.

As of March 31, 2020, the SGRE had a record order backlog of EUR 28.6 billion (+21% year-on-year). Due to its geographical diversification and technology leadership, it is also well positioned to take advantage of the sector’s growth prospects. According to the International Energy Agency, renewable energy will account for two-thirds of total installed capacity by 2040, with the number of installed systems averaging 57 GW per year.