From CNBC: 2024-05-08 02:51:31

Siemens Energy announced the replacement of the CEO of its wind turbine unit amid restructuring measures. Jochen Eickholt will step down on July 31 and be succeeded by Vinod Philip. The parent company suffered a 4.6 billion euro loss due to manufacturing faults causing a turbulent stock performance and scrapped profit forecasts.

Siemens Energy reported a net income of 108 million euros for the last quarter and raised its outlook on positive cash development. The wind industry, despite rapid growth and cost reduction, faced quality issues at Gamesa, leading to investor concerns of wider industry problems. Long-term strategic development steps aim to boost operating margins.



Read more at CNBC:: Siemens Energy changes leadership at embattled wind turbine unit