Wärtsilä Reorganizes Its Marine Business
Wärtsilä announced it will reorganize its marine business into three independent entities, with the objective to accelerate strategy execution and simplify the business structure.
The new businesses, consisting of Marine Power, Marine Systems and Marine Voyage, will be operational as of July 1, 2020.
The organizational structure change is a continuation to the shifts made in 2019, whereby Wärtsilä's equipment and service businesses were integrated to strengthen the focus on complete lifecycle solutions, the company said.
Under 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.
Jaakko Eskola, President & CEO of Wärtsilä Corporation, said, “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.”
Roger Holm, 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 organizations.
Tamara de Gruyter 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 has been appointed President of Marine Voyage & Executive Vice President as of May 4, 2020. With a 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 organization, we will accelerate the execution of our Smart Marine strategy and increase the value we create for our customers,” Eskola said.
Wärtsilä's financial reporting will be adjusted to reflect the new organizational 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.