Siemens: CEO will not seek contract extension
(CercleFinance.com) - Siemens Chief Executive Joe Kaeser is to step down, seven years after taking office, as the German engineering group is seeking to establish a "next generation" of management.
Siemens said in a statement late on Thursday that Joe Kaeser, aged 62, has informed the supervisory board that he will not be asking for his term of office to be extended.
Kaeser will be proposed the position of chairman of Siemens Energy's supervisory board, whose spinoff and public listing is still expected at end of September 2020, the group said.
Following this decision, Siemens' supervisory board has promoted Roland Busch, aged 55, who is currently Deputy CEO, as its new CEO, an appointment that will be effective at the latest in February 2021.
Busch has received a new five-year contract, effective April 2020, putting him in charge of the integration and management of Siemens' future businesses (smart infrastructure, digital industries and mobility).
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Siemens said in a statement late on Thursday that Joe Kaeser, aged 62, has informed the supervisory board that he will not be asking for his term of office to be extended.
Kaeser will be proposed the position of chairman of Siemens Energy's supervisory board, whose spinoff and public listing is still expected at end of September 2020, the group said.
Following this decision, Siemens' supervisory board has promoted Roland Busch, aged 55, who is currently Deputy CEO, as its new CEO, an appointment that will be effective at the latest in February 2021.
Busch has received a new five-year contract, effective April 2020, putting him in charge of the integration and management of Siemens' future businesses (smart infrastructure, digital industries and mobility).
Copyright (c) 2020 CercleFinance.com. All rights reserved.