June 17, 2020 / 10:06 PM / 21 days ago

Siemens Gamesa appoints offshore head as CEO, warns on expected loss

BERLIN, June 17 (Reuters) - Wind turbine maker Siemens Gamesa said on Wednesday that Andreas Nauen, head of the company’s offshore activities, has been appointed chief executive, with immediate effect, replacing Markus Tacke.

The company did not give reasons for the change, but said it had reached agreement with Tacke to end his contract on June 17, thanking him for his three years at the helm, in particular the integration of Siemens and Gamesa after their merger.

It also warned that it expected an operating loss in the third quarter due to the impact of the coronavirus crisis and project costs and said that an expected return to profit in the fourth quarter is not seen to be enough to compensate for the rest of 2020.

Siemens Gamesa, which is majority-owned by Germany’s Siemens , had warned last month that project delays and supply chain disruptions caused by the coronavirus outbreak would continue to drag on its earnings this year after squeezing profitability in the second quarter. (Reporting by Isla Binnie; Editing by Leslie Adler)

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