Wärtsilä has decided to reorganise its Marine Business into three independent businesses. The objective of this change is to accelerate strategy execution, simplify the business structure, and strengthen business presence in the Board of Management. The new businesses, consisting of Marine Power, Marine Systems and Marine Voyage, will be operational as of 1 July 2020.
The evolution of Wärtsilä’s organisational structure is a continuation to the changes made in 2019, whereby the equipment and service businesses were integrated to strengthen the focus on complete lifecycle solutions. In the new operational model, Marine Power will focus on Wärtsilä engine and propulsion solutions. Marine Systems’ offering will consist of gas solutions, exhaust treatment, marine electrical systems, as well as seals and bearings. Marine Voyage will provide navigation solutions, simulation and training solutions, fleet operation solutions, and ship traffic control solutions. Each business will have lifecycle responsibility for its offerings. Wärtsilä’s Energy Business will continue in its current form.
“Wärtsilä is committed to leading the way towards a more sustainable maritime future. We have today the broadest offering for the marine markets, and I am confident that establishing three independent marine entities, with a stronger focus on the specific needs of their respective markets, will accelerate the execution of our Smart Marine strategy. Our customers will benefit from increased agility and speed in decision-making, as well as an even more empowered and effective frontline,” comments Jaakko Eskola, President & CEO of Wärtsilä Corporation.
Wärtsilä’s financial reporting will be adjusted to reflect the new organisational structure as of the second quarter of 2020. Adjusted comparison figures will be provided prior to the publication of the Half year financial report January-June 2020.
The below appointments have been made to Wärtsilä Corporation’s Board of Management, following the announcement to reorganise Wärtsilä’s Marine Business into three independent businesses, with the objective to accelerate strategy execution and simplify the business structure.
Roger Holm (b. 1972, M.Sc. Economics), previously President of Wärtsilä Marine Business & Executive Vice President, will assume the role of President of Marine Power & Executive Vice President with immediate effect. Since joining Wärtsilä in 1997, Holm has held a number of key management positions in the marine, service, and information management organisations.
Tamara de Gruyter (b. 1972, B.Sc. Shipbuilding Engineering) has been appointed President of Marine Systems & Executive Vice President with immediate effect. De Gruyter joined LIPS in 1999, which was acquired by Wärtsilä in 2002. She has since held several management positions within Wärtsilä’s marine and services businesses. As of November 2019, she has had a key role in driving Wärtsilä’s transformation, in addition to heading the recently established Portfolio Business unit.
Sean Fernback (b. 1963, Dipl. Electronics Engineering) has been appointed President of Marine Voyage & Executive Vice President as of 4 May 2020. With a strong background in technology and digital innovation from a variety of industries, Fernback brings strategic software insight to the Board of Management. He joins Wärtsilä from Navico, where he has most recently held the position of Chief Technology Officer and was responsible for driving the company’s digital marine agenda.
“The marine markets are evolving at a rapid pace, driven by technology development and the regulatory framework. With this change, we provide our businesses more autonomy to drive their operations. By speeding up decision-making and simplifying the organisation, we will accelerate the execution of our Smart Marine strategy and increase the value we create for our customers. I believe that we will greatly benefit from strengthening business presence within the Board of Management, and I am pleased to welcome two new members to our leadership team,” says Jaakko Eskola, President & CEO of Wärtsilä Corporation.