{"id":169935,"date":"2021-02-03T21:20:01","date_gmt":"2021-02-03T18:20:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/after-years-of-restructuring-siemens-has-a-new-ceo\/"},"modified":"2021-02-03T21:20:01","modified_gmt":"2021-02-03T18:20:01","slug":"after-years-of-restructuring-siemens-has-a-new-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/after-years-of-restructuring-siemens-has-a-new-ceo\/","title":{"rendered":"#After years of restructuring, Siemens has a new CEO"},"content":{"rendered":"

“#After years of restructuring, Siemens has a new CEO<\/strong>”<\/p>\n

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\"Former
\n Former Siemens chief executive Joe Kaeser handed over to his deputy Roland Busch
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German industrial giant Siemens turned a page Wednesday as a new chief executive followed a restructuring drive after a year marked by falling sales due to the coronavirus pandemic.<\/p>\n

Joe Kaeser handed the CEO baton to his deputy, Roland Busch at the end of a seven-year tenure marked by slimming down and spinning off assets to refocus as a technology<\/a> company.<\/p>\n

“Our company has a decade of opportunities before it,” Busch told an online shareholders meeting, paying tribute to Kaeser’s run.<\/p>\n

After reporting full-year to September earnings down by a quarter as the coronavirus battered the global economy, Siemens said it had turned a corner in the first quarter of its financial year.<\/p>\n

The Munich-based group, which makes products ranging from trains to factory equipment, saw a 38-percent surge in net profit to 1.5 billion euros ($1.8 billion) in the three months to December. <\/p>\n

“We made Siemens robust these last years,” Kaeser told the meeting.<\/p>\n

‘Better position’<\/b><\/p>\n

Kaeser, 63, announced in March that he would not be pursuing a contract extension and would pass the reins to Busch, 56, who has been a Siemens director since 2011 and served as Kaeser’s number two since October 2019.<\/p>\n

“Siemens is in a better position today than a few years ago,” Busch told the daily Sueddeutsche Zeitung in December, defending Kaeser’s stewardship during a tumultuous era.<\/p>\n

At the end of September, Siemens divested its Energy division, which includes oil and gas operations, and in October it sold components subsidiary Flender to US-based Carlyle for 2.0 billion euros.<\/p>\n

Siemens Energy, in which the group still holds a 35.1-percent stake, this week announced it would slash 7,800 jobs over the next four years to cut costs in a rapidly changing market.<\/p>\n

Despite the ongoing impact of the virus, the group lifted its growth forecast for the year to “average or higher”, with strong prospects for its software and industrial automation activities.<\/p>\n

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\"The
\n The new Siemens chief executive Roland Busch is expected to pursue most of his predecessors policies
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‘Consolidating’ progress<\/b><\/p>\n

Kaeser’s tenure was marked by turmoil rarely seen since the group’s founding in 1847.<\/p>\n

Like many sprawling industrial conglomerates with diverse activities, Siemens has been forced to adapt to an economy in which specialisation is king.
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Kaeser’s increasing attention to software, automation and “industry 4.0” meant that the group’s footprint decreased on his watch.<\/p>\n

Annual turnover, around 76 billion euros in 2013, came in at 57.1 billion euros last year.<\/p>\n

The listing in recent years of the Energy and Healthineers units accompanied major downsizing operations that eliminated tens of thousands of jobs. <\/p>\n

The moves came in for sharp criticism from trade unions which accused the company of putting the interests of shareholders ahead of staff.<\/p>\n

“We hope that Roland Busch will distance Siemens from a strategy directed toward the stock market,” said IG Metall, which represents the group’s employees.<\/p>\n

However an analyst with Comdirect, Andreas Lipkow, said “more of the same” could be expected under Busch, who has been intimately involved in strategic planning at the company for a decade.<\/p>\n

Busch told shareholders he wanted to make Siemens a “sustainably growing, technologically focused company”. <\/p>\n

“Together with our clients we want to bring industry, infrastructure, mobility and healthcare into the digital age,” he said. <\/p>\n

Business daily Handelsblatt said Busch’s challenge would be “promoting synergies” while “consolidating” the progress Kaeser made in shifting the group to more profitable businesses.\n <\/p>\n\n

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Siemens’ energy unit spinoff lags expectations in market debut\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n After years of restructuring, Siemens has a new CEO (2021, February 3)
\n retrieved 3 February 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-02-years-siemens-ceo.html<\/p>\n

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