Siemens CEO Joe Kaeser to Leave by Next Year
March 19 2020 - 4:20PM
Dow Jones News
By Ruth Bender
BERLIN -- German industrial engineering company Siemens AG on
Thursday said Chief Executive Joe Kaeser would be replaced by
current Deputy CEO Roland Busch by early next year, cementing the
company's shift from a conglomerate into a business more focused on
digital transformation.
Mr. Busch, a technician who was put on a fast track to succeed
Mr. Kaeser last fall, is to take over as CEO at latest after the
group's next ordinary shareholder meeting in February 2021, Siemens
said in a statement.
The transition will be gradual, with Mr. Busch taking on more
responsibilities until the official succession. Mr. Kaeser,
meanwhile, will be proposed to become chairman of a new company --
Siemens Energy -- which Siemens is set to spin off later this year,
the company said.
Mr. Kaeser's departure marks a milestone for Siemens. The
outgoing CEO sought to reinvent the company from an industrial
conglomerate to a much smaller but more focused business that in
the future will focus mainly on new digital technology businesses,
connecting factories and urban infrastructure to the internet.
Mr. Kaeser recently celebrated his 40th anniversary at Siemens.
He is considered one of the most outspoken of German CEOs and has
at times provoked controversy with his tweets on issues from
climate change to political issues.
Write to Ruth Bender at Ruth.Bender@wsj.com
(END) Dow Jones Newswires
March 19, 2020 16:05 ET (20:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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