Siemens Energy extends CEO contract as recovery continues
Recasts, adds details from paragraph 2, adds photos of Bruch
Sept 25 (Reuters) -Siemens Energy ENR1n.DE said on Wednesday it has extended the contract of CEO Christian Bruch for a further five years, the latest sign that the power equipment supplier has turned a corner following a major crisis at its wind turbine business.
Bruch, who has led the former Siemens AG SIEGn.DE division since 2020, came under massive pressure last year when a plan to acquire the remaining shares in wind unit Siemens Gamesa threw the company into turmoil due to quality issues.
"The hoped-for improvements in transparency and access materialized but showed fundamental shortcomings," Supervisory Board Chairman Joe Kaeser said.
"Christian Bruch and his team have raised the conventional business to new levels with unparalleled commitment and stopped the existential decline of the wind business."
Bruch's current contract, which runs until April 2025, was therefore extended early until April 2030, the company said following a meeting of its supervisory board.
Bruch said his goal remained raising profitability and the value of Siemens Energy shares, which on Wednesday hit their highest levels since January 2021, adding this included restructuring Siemens Gamesa and strengthening the group's balance sheet.
Reporting by Harshita Meenaktshi in Bengaluru and Christoph Steitz; Editing by Krishna Chandra Eluri and Nick Zieminski
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