Siemens Names CEO of Power Generation Services Division

MUNICH, Germany (Aug. 3, 2016)—Siemens AG has announced the appointment of Tim Oliver Holt as CEO of the company’s Power Generation Services Division effective Oct. 1.

Holt is currently CEO of Siemens’ Power and Gas Business Unit within the Power Generation Services Division. Holt's replacement in his Business Unit assignment will be the subject of a future announcement by the company. The Power Generation Services Division's current CEO, Randy Zwirn, is retiring on Oct. 1, 2016. "With Randy's retirement, we're losing a highly experienced leader who has played a major role in shaping our Siemens service business and the digital trends of the future,” said Lisa Davis, member of the Managing Board of Siemens AG. “He's had a strong influence on the development of the power generation business at Siemens for nearly 20 years. I'd like to express my deep appreciation to Randy for this contribution and wish him all the best for the future." Davis added: “Tim Holt's many years of experience make him the perfect successor. His expertise will enable him to continue to achieve advances in the development of innovative, data-driven service offerings for our customers." Holt completed an engineering degree in aerospace technology at the Technische Universität Berlin and received an MBA from Northwestern University's Kellogg School of Management in Evanston, Illinois.