- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Kaeser
- Roland Busch taking over
- Kaeser will remain as Chairman of the Supervisory Board at Siemens Energy
(exechange) — Munich, Germany, March 19, 2020 — Joe Kaeser, chief executive of Siemens, leaves. As announced by Siemens AG in a news release on Thursday, March 19, 2020, Joe Kaeser leaves his post as chief executive officer at the industrial engineering company after almost seven years in the role.
Joe Kaeser’s duties as CEO will be taken over by Roland Busch, currently Deputy Chief Executive Officer of Siemens AG.
“At the latest, this appointment is to be effective at the end of the next ordinary Annual Shareholders’ meeting, which is to take place on February 3, 2021,” Siemens stated.
Joe Kaeser’s move forms part of a management shake-up also involving the positions of CEO of Siemens Energy; and CFO of Siemens Energy.
Siemens did not give an explicit reason for Joe Kaeser’s departure from the CEO post. Siemens said: “Siemens is setting the course for establishing the next generation of management. To this end, the Supervisory Board of Siemens AG has made pivotal personnel decisions at an extraordinary meeting today.”
Kaeser will remain as Chairman of the Supervisory Board at Siemens Energy
“[Kaeser] will be proposed as Chairman of the Supervisory Board of Siemens Energy,” Siemens said.
“He will not be pursuing an extension of his contract”
Siemens said: “Siemens President and CEO Joe Kaeser (62) has informed the Supervisory Board of Siemens AG that he will not be pursuing an extension of his contract.”
Share price decline
The announcement follows a decline in Siemens AG’s share price of 49% since January 2018.
Chaired by Jim Hageman Snabe
Siemens AG is chaired by Jim Hageman Snabe.
Jim Hagemann Snabe is Chairman of the Supervisory Board of Siemens AG.
In the position of CEO since 2013
Joe Kaeser became CEO of the Company in 2013.
Effective immediately, Joe Kaeser will, in addition to his current duties, assume responsibility within the Managing Board for Siemens Energy, including Siemens Gamesa Renewable Energy.
Joe Kaeser has been President and Chief Executive Officer of Siemens AG since August 1, 2013.
The former CFO inaugurated Vision 2020, giving the company a strategic concept that focuses on consistently occupying attractive growth fields across all aspects of electrification, automation and digitalization, sustainably strengthening the company’s core business and outpacing its global competitors in efficiency and performance.
The plan relies on achieving short-term, medium-term and long-term goals and on fostering an ownership culture based on each individual employee’s dedication and sense of responsibility, from the Managing Board to trainees.
In August 2017, the Supervisory Board of Siemens AG renewed Joe Kaeser’s appointment as President and CEO until the shareholders’ meeting in 2021.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 12.2020 ($).