Siemens Energy changes leadership at embattled wind turbine unit

Problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year.It said in statement that Jochen Eickholt at Siemens Gamesa informed the board that he will step down from his position as CEO by mutual agreement on July 31, and be succeeded by Vinod Philip.

"In a very difficult situation at Siemens Gamesa, Jochen laid the central foundations for the urgently needed reorganization and new start within Siemens Energy. It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO," said Siemens Energy CEO Christian BruchIt said that Gamesa had initiated comprehensive restructuring measures and "steps for long-term strategic development" in order to boost operating margins.

The wind industry has expanded rapidly over the past two decades, lowering costs to rival — and sometimes undercut — those of fossil fuels, while boosting efficiency with ever-bigger turbines and reducing reliance on state subsidies. But the issues last year led investors to worry that Gamesa's problems might be a symptom of a wider problem for the industry.—CNBC's Elliot contributed to this article.

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