Siemens Gamesa Renewable Energy announces Rosa García as Chairwoman and first appointments for the management team

Initial steps for the creation of a leading company in the global wind energy industry are well underway with the first meeting of the Board of Directors of the combined company, announcing first appointments for the joint management team. Ignacio Martín, former Executive Chairman of Gamesa, will continue as CEO of the combined company for the transition phase before he will hand over to the next management generation. As indicated, Martín intends to begin this transition phase by supporting the selection process and then retiring after his long service to the company. The Board of Director’s newly constituted Appointment and Remuneration Committee will immediately begin the selection process for the new CEO.

In the Board of Directors meeting, Andrew Hall, formerly CFO of Siemens Wind Power, has been appointed the CFO of the merged company. Xabier Etxeberria, formerly Business CEO at Gamesa, will head its Onshore business, Markus Tacke, previously CEO of Siemens Wind Power, will head the united company’s Offshore business, and Mark Albenze, who was the CEO of Wind Service at Siemens Wind Power, will head the combined Service business. David Mesonero will be the Chief Integration Officer in addition to his current responsibilities as Head of Corporate Development. Rosa Garcia, CEO for Siemens in Spain, has been appointed non-executive Chairwoman of the Board.

"Siemens Gamesa Renewable Energy's future could not be in better hands, as it is equipped with a top-notch executive team and workforce which will shape the renewable energy industry of tomorrow. My responsibility during this next stage is to ensure the success of the natural succession process", said Mr. Martín.

"It is a privilege to preside the company's Board of Directors. I am convinced that we have the vision and talent necessary to successfully address the market and customer needs", said Rosa García, the combined company's non-executive chairwoman.

The members of the Board of Directors also confirmed the new company brand reflecting the joint strengths of the united company, and agreed on the new company name – Siemens Gamesa Renewable Energy - to be submitted for approval at the Annual General Shareholders Meeting taking place in June. Until then, the company will use the new brand but will continue to operate under the legal entity name Gamesa Corporación Tecnológica.

The merged company will remain listed on the Spanish stock exchange. Legal domicile and global headquarters of the company will be in Zamudio (Spain). The Onshore headquarters will be also located in Zamudio, while the Offshore headquarters will be located in Hamburg (Germany) and Vejle (Denmark).

Siemens Gamesa Renewable Energy will immediately focus on generating value creation for its stakeholders as a result of the strong industrial logic of the combination of Siemens’ wind business and Gamesa. This merger will enhance the competitive positioning of the combined company due to the scale and high complementarity of the combined businesses.

In total, the merged company has close to 27,000 employees. Products and technology are installed in more than 90 countries. The united company has combined annual revenue of €11 billion, an order backlog of €21 billion and a global installed capacity of 75 gigawatts (GW).

The registration of the merger in the Mercantile Registry of Biscay took place on April 3, 2017.