In mid-May, Beatriz Puente slipped out the door unnoticed. An internal memo stumbled upon by Reuters was the only evidence that Siemens Gamesa’s CFO had left her position at the turbine maker.

Not that this in itself is necessarily remarkable. The revolving door of the C-suite has been spinning with great speed at Siemens Gamesa in recent years, and far from all of them have been registered in the form of formal announcements. Similarly, there is nothing epochal about the OEM’s replacement, Stefan Huppertz, who will take over on September 4.

The new treasurer comes from Siemens Energy, where he has been CFO of the group’s grid division, Grid Solutions, since the company was founded. Thus, he has the same career background as CEO Jochen Eickholt, COO Tim Dawidowsky, HR Director Frank Coetzee, General Counsel Stefan Höhns and, of course, the entire Board of Directors.

”Stefan has solid experience from the progress we’ve made at Grid Solutions and he knows how to handle complex, financially driven project structures. I am very pleased that he will take over this important position from the beginning of September,” said Christian Bruch, Chairman of the Supervisory Board and CEO of Siemens Energy, at the presentation of the financial statements on Monday.

Until his arrival, the position will be held by Martin Welter, CFO of the Service Division, who has held the position since Beatriz Puente left Siemens Gamesa.

During the two and a half years she was in charge of the turbine manufacturer’s finances, she managed to present a single quarter with a black bottom line. That was in Q4 last year, when the sale of a large part of the project development portfolio momentarily turned the minus into a plus. On Monday, the company presented by far its largest quarterly loss to date with a loss of EUR 2.56bn.

(Translated using DeepL with additional editing by Simon Øst Vejbæk)