Bruch replaces López as Chairman of Siemens Gamesa

The additional adjustments at Siemens Gamesa (SG) following the takeover bid launched by Siemens Energy (SE), its 67% shareholder, extend to the management teams, as announced in the prospectus of the IPO. Christian Bruch, SE's Chairman and CEO, will replace Miguel Ángel López as Chairman of the wind energy company, who "has decided to start a new chapter in his professional career", according to sources from the Munich (Germany) group.

A change which SE explains as "a logical step" within the 100% integration of SG in the structure of Siemens Energy, which will lead to new duplicities and cuts, in relation to the 2,900 layoffs announced by the Mistral Plan (475 of them in Spain). In fact, SG had already announced, before the change in the presidency, the elimination of its delegated commission, one of the teams at the top of the renewable energy company's management team.

Bruch has stated that "some structural changes are necessary in the wind sector so that turbine manufacturers can be profitable". With the caveat that "above all we have to control our internal problems". The German executive wished Miguel Ángel López "all the best" in his new professional future. SE has explained that the departure of López, who joined SG in December 2017, has been voluntary. The former president himself has commented that "I leave the company with the firm conviction of having been a key player" in the process of integration into SE's structure.

The turbine producer has also approved the appointment of Anton Steigner, who is responsible for SE's corporate operations, as a new member of the Board of Directors.

On the other hand, this governing body of the wind energy group has issued a favorable opinion on the delisting tender offer launched by Siemens Energy at a price of 18.05 euros per share, as reported to the Spanish Securities and Exchange Commission (CNMV). All the independent directors have supported the operation, while the proprietary directors and the CE=, Jochan Eickholt, have adhered to the project.

The board relies in these decisions on an external report prepared by Morgan Stanley and KPMG. However, the unions have expressed their rejection of the labor adjustment plan implied by these changes, due to the aforementioned layoffs.