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June 18, 2020, 2:04 a.m. EDT

Siemens Gamesa appoints new CEO; sees earnings hit

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By Giulia Petroni

Siemens Gamesa Renewable Energy SA said late Wednesday that it has appointed Andreas Nauen as its new chief executive and expects the coronavirus to hit its third-quarter earnings.

Mr. Nauen succeeds Markus Tacke, who has agreed with the board of directors to cease his contract with immediate effect, the Spanish wind-turbine maker said.

The company said coronavirus-related disruptions and additional project costs will result in a loss before interest and taxes--before power purchase agreement and integration and restructuring costs--in its third quarter, ending June 30.

The anticipated earnings before interest and taxes for the fourth quarter are not expected to "completely offset the negative development for the full fiscal year," it said.

Siemens Gamesa said a new CEO for the offshore division will be announced in due course.

Write to Giulia Petroni at giulia.petroni@wsj.com

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