Siemens executive Sen favourite to lead new standalone energy business

ZURICH/MUNICH: Siemens board member Michael Sen is the favourite to lead its new standalone energy business, sources have told Reuters, removing one of the frontrunners from the race to succeed Joe Kaeser as head of the German industrial company.

It is not known if Kaeser will seek to extend his contract, with a decision on the 62-year-old's future expected early next year.Sen, who spent two years at German utility E.ON before returning to Siemens in 2017, has also had responsibility for renewable energy business Siemens Gamesa, which will be rolled into the new business.

The business, which makes large gas turbines, has dragged on the performance of Siemens as the rise of renewable power triggered a collapse in demand."Sen would be a perfect fit," a source said."He knows the energy business well from his time at E.On and Gamesa, and he would be very good at negotiating with governments about energy supply, which is a large part of what the business is.

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