ZURICH (Reuters) - Siemens has named former Osram and Bilfinger Chief Financial Officer Klaus Patzak as the new executive to oversee the separation and listing of its Gas and Power Business.
Patzak will be responsible for setting up the new company, which Siemens plans to spin off and float on the stock exchange by September 2020, Siemens said on Wednesday.
Michael Becker, the current CFO of the Gas and Power division will stay in his role and oversee the operational side of the business which comprises oil and gas, conventional power generation and power transmission.
On Tuesday Siemens said it would spin off its gas and power business, which has dragged on the German engineering firm’s performance as the rise of renewable power hits demand for gas turbines.
Reporting by John Revill, editing by Riham Alkousaa