(Bloomberg) -- Siemens Energy AG extended the contract of Chief Executive Officer Christian Bruch for five years, counting on him to deliver on a turnaround plan after troubles at its Spanish wind-turbine business.
Bruch, whose current contract runs until 2025, will now remain in his position until April 2030, the company said Wednesday.
Siemens Energy is seeking to get back to business after years-long issues with faulty turbines. It increased its cash flow outlook last month after demand for grid technologies and gas services swelled. Shares in the firm, which plunged in 2023, have since recovered and are up about 180% this year.
“Christian Bruch has led Siemens Energy through turbulent times,” said Joe Kaeser, chairman of the supervisory board. “The challenges reached their peak with the complete takeover of the wind business.”
The problems at the Spanish business, Gamesa, culminated late last year when the company sought financial help from the government.
Siemens now expects Gamesa to break even from 2026, which Kaeser said “will complete one of the largest restructuring projects in Siemens’ history.”
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