Kaeser himself is proposed as Chairman of the Supervisory Board of Siemens Energy. The new CEO will be Roland Busch, currently Deputy CEO.

A new generation is taking over management at Siemens. CEO Joe Kaeser (62) had informed the Supervisory Board of Siemens AG that he would not be seeking an extension of his contract, and the Supervisory Board made several personnel decisions at an extraordinary meeting on March 19. Here is an overview:

• Joe Kaeser will not extend his contract as CEO of Siemens, but will be proposed as Chairman of the Supervisory Board of Siemens Energy
  
• Roland Busch, currently Deputy CEO, will be appointed CEO of Siemens AG with effect from the end of the next Annual Shareholders' Meeting on February 3, 2021 at the latest. He will assume overall responsibility for the Operating Companies Digital Industries, Smart Infrastructure and Mobility as early as April 1, 2020.
  
• Christian Bruch, EVP Linde plc, will become the new CEO of the Operating Company Gas and Power and designated CEO of Siemens Energy.
  
• Maria Ferraro, CFO of Operating Company Digital Industries, will become the new CFO of Gas and Power and designated CFO of Siemens Energy.
  
• Michael Sen and Klaus Patzak are leaving the company by mutual agreement.

The personnel decisions in detail

The transition from Kaeser to Busch will be seamless. According to press releases, Busch will receive a new contract for five years with effect from April 1, 2020. He will already be responsible for budget planning for the 2021 financial year and its implementation and will take over all relevant areas of responsibility on the Executive Board from October 1, 2020. In addition to his current duties, Roland Busch will also be responsible for the overarching integration and management of the businesses of the future Siemens AG (Smart Infrastructure, Digital Industries and Mobility) within the Siemens Managing Board from April 1, 2020.

In addition to his existing duties, Joe Kaeser will assume responsibility for Siemens Energy, including Siemens Gamesa Renewable Energy, within the Siemens Managing Board with immediate effect.

At today's extraordinary meeting, the Supervisory Board of Siemens AG also appointed Christian Bruch (50), Executive Vice President Linde plc and CEO Linde Engineering, as the new CEO of the Operating Company Gas and Power and designated CEO of Siemens Energy with effect from May 1, 2020. Tim Holt, Chief Operations and Chief Human Resources Officer of Gas and Power, will be responsible for the operational management of Siemens Gas and Power on an interim basis until May 1, 2020. Maria Ferraro (46), currently CFO of the operating company Digital Industries (DI), will also be appointed as the new CFO with effect from May 1, 2020. Michael Sen and Klaus Patzak will leave Siemens Energy as CEO and CFO by mutual agreement. Michael Sen will remain available to the CEO of Siemens AG in an advisory capacity until spring 2021.

The new CFO of DI will be Rudolf Basson (51), currently CFO of Siemens China. His successor as China CFO will be Bo Ouyang (48), currently CFO of Siemens Canada. Natalia Oropeza (53) will succeed Maria Ferraro in her role as Chief Diversity Officer of Siemens AG, taking on this role in addition to her function as Chief Cybersecurity Officer.

Jim Hageman Snabe, Chairman of the Supervisory Board of Siemens AG: "I am very pleased that with the decisions taken today, the Siemens Supervisory Board will significantly strengthen the Leadership Team of Siemens Energy and has decided on the succession process at the top of Siemens AG even faster than originally planned.

The past years have been successful for Siemens in business terms and at the same time an era of renewal and a consistent focus on the future. On behalf of the entire Supervisory Board, I would like to sincerely thank Joe Kaeser for his foresight, determination and courage in repositioning Siemens for the future from a position of strength. With all his experience and his excellent network of global customers and governments around the world, Joe Kaeser will be an important advisor to the Managing Board of Siemens Energy.

Roland Busch is the right CEO to lead the future Siemens AG. He combines entrepreneurial vision, proximity to customers and a deep understanding of all the technologies that have made Siemens successful and that will be important in the future. He will give new impetus to the businesses and teams at Siemens and consistently develop them further in times characterized by digital transformation. The Supervisory Board wishes Roland Busch every success in this exciting task.

We would like to thank Michael Sen and Klaus Patzak for their support in preparing the spin-off of Siemens Energy. We are on schedule with the process and are still aiming for the IPO in September 2020. The Supervisory Board would like to congratulate Christian Bruch and Maria Ferraro on their new roles. The highly qualified and motivated team of Siemens Energy has all the prerequisites to become one of the driving forces for decarbonization and the global energy transition. "