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Siemens Energy's CEO increases pressure on Siemens Gamesa

Siemens Energy's CEO increases pressure on Siemens Gamesa
Siemens Energy's CEO increases pressure on Siemens Gamesa   -   Copyright  Thomson Reuters 2022
By Reuters

BERLIN – Siemens Energy CEO Christian Bruch has increased pressure on its struggling wind turbine unit Siemens Gamesa.

“The market environment in the onshore business is and will remain difficult. But we also must acknowledge that internal problems hurt earnings as well,” he said Friday in an advanced copy of a speech to the annual shareholders’ meeting on Feb. 24.

Measures have already been introduced in the onshore wind business, he said, adding that it would take some time before they would have an impact on the project business.

“We now expect management to bring about a turnaround by taking a disciplined and forceful approach,” Bruch said.

Siemens Energy reported a 240 million euro ($274 million) first-quarter net loss earlier this month, burdened mainly by Siemens Gamesa, which has become a drag on its parent following three profit warnings.