Siemens- and AES-backed Fluence Energy named interim leaders hailing from two of its major shareholders to its CEO and CFO chairs, according to a Tuesday press release and securities filing. The executive leadership changes come as the business seeks to address ongoing supply chain hiccups and faces a proposed class action suit alleging securities fraud following slumping financials.
The provider of intelligent energy storage and asset optimization solutions, including hardware for data centers, appointed board member and Siemens veteran Axel Meier as its interim CEO, while AES Corporation finance executive Ricardo Roizen was appointed as interim finance chief, according to the Monday release.
Meier replaced Julian Nebreda, while Roizen succeeded Ahmed Pasha, with both moves effective Monday, the company said. Nebreda and Pasha stepped down from their respective roles on Oct. 30, and are eligible to receive severance benefits under the company plan, according to the filing with the Securities and Exchange Commission.
The company also established a new manufacturing and operations oversight committee which will provide “focused oversight of the Company’s efforts to strengthen manufacturing performance, operational execution, and customer delivery,” Fluence said Monday.
The Arlington, Virginia.-based Fluence is leaning on the talent bench from two of its major shareholders as it continues to navigate supply chain challenges which have impacted its revenue expectations for its fiscal 2026 and looks to execute on a $6.4 billion backlog, according to the Monday release. Siemens and AES first formed Fluence as a joint venture in 2017, with each taking a 50% stake in the company at the time. The two remain the company’s major backers, according to company filings.
A longtime Siemens veteran, Meier, 63, has served as a member of Fluence’s board since January 2020, the company said in the Monday filing. His past roles include having served as CFO for Siemens Smart Infrastructure, a role he stepped down from this June, according to the filing.
As interim CEO, he will receive an annual base salary of $1.01 million, per the filing. Meier will also receive a discretionary cash bonus following a successful “completion of the transition” and the placement of a permanent president and CEO at Fluence, according to the filing.
Meanwhile Roizen, 47, currently serves as finance chief for AES Andes, a division of AES Corporation, according to the filing. The company entered into a secondment agreement with AES Andes to second Roizen to the company for “90 days or longer,” according to the filing.
AES Andes will continue to pay Roizen’s salary, other compensation and benefits during the secondment term, which will “automatically terminate when a new Chief Financial Officer of the Company is appointed,” according to the filing.
Fluence has begun a search for permanent successors to both the CEO and CFO roles, it said Monday.
Proposed class action
The two interim leaders are taking their seats as Fluence faces a proposed shareholder class action suit alleging the business failed to disclose key information to stakeholders. Both Nebreda and Pasha were named as defendants alongside the company in the suit filed Sept. 28, which alleges Fluence misrepresented its manufacturing capabilities and subsequently, its ability to hit previously shared earnings targets, according to court filings.
Defendants failed to disclose certain material adverse facts to shareholders, such as the fact that the company’s ability to execute on its backlog and recognize revenue that underlaid its fiscal 2026 guidance at the time “depended on new contract manufacturing facilities, including facilities that were not completed, not operational, and/or not capable of producing at the volumes the guidance assumed,” the complaint filed in the U.S. District Court for the Southern District of New York alleges.
Furthermore, Fluence failed to disclose that corrective measures it had implemented had failed to remediate those challenges, which “persisted and extended to the Company’s new facilities,” according to the complaint.
“As a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis,” the complaint alleges.
In previous guidance for its fiscal 2026 provided last November, Fluence said it was confident in its ability to deliver a revenue growth target of 50% for the period. In addition, it projected adjusted EBITDA between $40 million to $60 million — which would have represented a “significant increase” from the $19.5 million in adjusted EBITDA it reported for fiscal 2025, according to the shareholder suit.
“The Company touted the manner in which it was allegedly positioned to capitalize on the surging demand for data centers, including that it was ready to lead in this emerging market segment,” the complaint alleges regarding the previous guidance. “The Company purported to assure investors it had contracted with multiple key production facilities to fulfill demand.”
As its fiscal 2026 progressed, Fluence reported rising costs from additional projects as well as widening net losses, but continued to state its growth was supported by data center demand and that it was expanding its global supply chain and content strategy accordingly, according to the complaint.
The suit was filed just several weeks after Fluence walked back its revenue expectations for its fiscal 2026, and revised its expected adjusted EBITDA loss for its full fiscal 2026 to $200 million from $10 million, according to a Sept. 16 press release.
The adjustments are primarily due to continuing supply chain challenges impacting its U.S. production, Fluence said at the time.
