Theodor Scheidegger, Chief Executive of Siemens' Solar & Hydro division, has left the Germany company “by mutual consent”.
Scheidegger took over leadership of Siemens solar division in November 2011 after three years as CEO of German solar company Sovello AG, which filed for insolvency in May last year. Siemens would not reveal any details behind Scheidegger's departure.
Michael Axmann, CFO of Siemens’ Solar & Hydro division, took Scheidegger’s place as acting CEO of Solar & Hydro at the beginning of February.
In mid-October last year, German manufacturer Siemens announced that it is to sell its solar business activities as part of a reorganisation of its energy division and is already in talks with a number of potential buyers, although the company refused to disclose any further details.
In the fourth quarter of 2012 Siemens reported a 12% slump in profits with a €150 million (US$202 million) drop in revenue for the first quarter of fiscal year 2013, however, the company would not confirm whether its losses were connected to Scheidegger's resignation.