Siemens AG has named Roland Busch, currently the company’s deputy CEO, a new five-year contract, effective April 1. Busch, already responsible for planning and implementing the budget for the fiscal year 2021, will also assume all relevant responsibilities within the managing board and handle integration and management of Siemens’ businesses, such as smart infrastructure, digital industries, and mobility.

Outgoing president and CEO Joe Kaeser told the company’s supervisory board that he will not seek a contract extension. Effective immediately, Kaeser will, in addition to his current duties, assume responsibility within the managing board for Siemens Energy, including Siemens Gamesa Renewable Energy.