Theodor Scheidegger, chief executive officer of Siemens AG’s solar business, has quit before a planned sale of the solar energy unit.
Siemens, Europe’s largest engineering company, replaced Scheidegger with Michael Axmann, chief financial officer of the unit on Feb. 1, said Guenter Gaugler a spokesman for Munich-based Siemens. Axmann is now CEO and CFO.
The solar energy unit was put up for sale in October, two years after its founding through acquisitions including Archimede Solar Energy and Solel Solar Systems.
Deteriorating prices for photovoltaic modules have made concentrated solar power less attractive, and the activities had been unprofitable since Siemens bundled the operations into a separate unit in 2011. The unit lost 150 million euros ($203 million) in the three months through December.
The news was first reported by Handelsblatt.