Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, May 29, 2020.
Bing Guan | Reuters
The German renewables firm Siemens Energy announced Wednesday that the CEO of its troubled wind turbine unit will be replaced amid “comprehensive restructuring measures.”
It said in statement that Jochen Eickholt at Siemens Gamesa informed the board that he will step down from his position as CEO by mutual agreement on July 31, and be succeeded by Vinod Philip.
“In a very difficult situation at Siemens Gamesa, Jochen laid the central foundations for the urgently needed reorganization and new start within Siemens Energy. It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO,” said Siemens Energy CEO Christian Bruch in a statement.
Siemens Energy suffered a rough 2023. Problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year. An investigation into quality issues was launched at the wind turbine division.
The wind industry has expanded rapidly over the past two decades, lowering costs to rival — and sometimes undercut — those of fossil fuels, while boosting efficiency with ever-bigger turbines and reducing reliance on state subsidies.
—CNBC’s Elliot contributed to this article.
This is a breaking news story, please check back later for more.
Discussion about this post