Spain

Spain

SGRE terminates CEO Tacke's contract

Siemens Gamesa Renewable Energy (SGRE) and CEO Markus Tacke have agreed to terminate his contract. Andreas Nauen, who has led the manufacturer’s offshore wind division has been appointed the new CEO with immediate effect.

Markus Tacke oversaw the merger of Siemens with Gamesa. The reason for his abrupt departure from the company remains unclear
Markus Tacke oversaw the merger of Siemens with Gamesa. The reason for his abrupt departure from the company remains unclear

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SGRE also announced that project costs and the financial impacts of disruptions caused by the coronavirus pandemic will result in a negative Ebit before taking into account some aspects such as integration and restructuring costs in the third quarter.

While it anticipates a positive Ebit in the fourth quarter, the company does not expect this to completely offset the negative development for its full fiscal year, which runs from October to September. The manufacturer had suspended its guidance for the financial year due to the impacts of the coronavirus pandemic in April.

SGRE on 17 June announced it had reached a mutual agreement with Tacke to end his contract after three years in the role. 

The manufacturer did not give a reason for Tacke’s abrupt departure, but thanked him for his three years leading the company — especially for integrating Siemens and Gamesa following the companies’ merger.

A new offshore CEO will be announced in due course, SGRE added.

Shares in Siemens Gamesa opened down 8.8% at €13.88 on 18 June, but rose slightly later in the day.

Legacy

Tacke became Siemens Gamesa’s CEO in May 2017, having previously run Siemens’ wind power and renewables division.

During his time with SGRE, he oversaw the merger of Siemens and Gamesa — which involved reducing job numbers, closing factories and simplifying the company’s turbine portfolio, adopting a “one segment, one technology” philosophy.

The company recently unveiled a 14MW offshore wind turbine and an onshore model capable of reaching 6.6MW. Both turbines will be the most powerful machines in their respective sectors. First launched in 2019, SGRE described the 5.X platform onshore as the first product it developed as a truly merged company. 

The company has also boosted its market share during Tacke’s time at the helm.

Only Vestas installed more capacity than SGRE last year, with the merged manufacturer improving its position from fourth in 2018 to second in 2019. Siemens Gamesa added 8.79GW (onshore and offshore), accounting for about 14.4% of total capacity installed in 2019

In 2016 — the last full-year before the integration of the two companies — Gamesa installed 3.7GW and Siemens 2.1GW, accounting for a combined 10.8% market share.

Since the end of 2017, SGRE has grown its operational onshore portfolio 14.6% to 78.3GW, and its operational offshore portfolio 46.5% to 15.3GW, according to Windpower Intelligence, the research and data division of Windpower Monthly.

Offshore wind has accounted for 31% of growth in its installed fleet during this period.

The company also acquired the intellectual property, a 9GW onshore servicing portfolio and a Portuguese factory from struggling German turbine manufacturer Senvion earlier this year.

SGRE is also due to be merged into Siemens' new gas and power unit Siemens Energy later this year.

The company had a record order backlog of €28.6 billion as of 31 March and believed it was well positioned due to its geographical diversification and “technology leadership”.

However, it recorded a €165 million net loss in the second quarter of its financial year, citing disruptions caused by the coronavirus pandemic.

It had also warned of the need for more job cuts to maintain competitiveness despite meeting its financial guidance for its last full financial year.

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