Siemens appoints board replacement for Ackermann

Sep 18, 2013 by David Mchugh

German engineering company Siemens is appointing the co-CEO of business software maker SAP to its board of directors to replace Josef Ackermann, who resigned in the wake of the board's decision to push out chief executive Peter Loescher.

The appointment was one of several changes in top Siemens jobs announced Wednesday as the company tries to move past the upheaval surrounding Loescher's departure in July.

Ackermann, 65, will be replaced by Jim Hagemann Snabe, who remains the top executive at SAP AG but has said he plans to leave that post next year for a seat on that company's board of directors.

Ackermann, the former head of Deutsche Bank and one of Germany's best-known business figures, left the Siemens AG board last week, citing "questions of style and fairness" in the company's dealings after the board had Loescher removed. Media reports said Ackermann had opposed the board's decision to dump Loescher and replace him with Chief Financial Officer Joe Kaeser after Siemens missed several profit targets.

Siemens is a pillar of the German economy and its boardroom turmoil drew the attention of German Chancellor Angela Merkel, who thought it was important for the company to "return to calm waters," according to her spokesman. The Munich-based company has 370,000 employees worldwide and makes heavy-duty industrial goods including power turbines, locomotives, and medical imaging devices. It is a rival to U.S. firm General Electric Co.

Siemens board chairman Gerhard Cromme said that Snabe, 47, would bring knowledge of software and computer technology.

"In view of the growing strategic importance of digitalization for Siemens' core businesses, we are adding to the technology and software competence of the supervisory board," Cromme said in a statement. "We are gaining an internationally respected expert in this area."

Ackermann had also resigned from his seat as board chairman of Zurich Insurance Group in August after the suicide of its chief financial officer. Ackermann said he resigned to avoid damaging the company's reputation because of accusations against him from the family of CFO Pierre Wauthier. Zurich has said it is investigating the relationship between the two executives and the possibility that "undue pressure" was put on Wauthier, who Zurich says left a note detailing his dealings with Ackermann.

Siemens on Wednesday also named Ralf Thomas to succeed Kaeser as finance chief. Thomas has done the same job with the company's industry division.

Siemens also said its top human resources executive, Brigitte Ederer, was resigning and that Chief Technology Officer Klaus Helmrich will take over the post of labor director.

Siemens shares traded 1 percent higher on the day at 89.46 euros in early afternoon trading in Europe.

Explore further: Judge approves $450 mn deal in Apple ebook suit

not rated yet
add to favorites email to friend print save as pdf

Related Stories

SAP CEO resigns, replaced by 2 co-chief executives

Feb 08, 2010

(AP) -- The chief executive of German software company SAP AG, Leo Apotheker, has resigned after his contract was not renewed and will be succeeded by two co-CEOs, the company said Sunday.

EU OKs $2.7bn Siemens takeover of UK rail firm

Apr 18, 2013

The European Union's antitrust body has cleared a 1.74 billion pound ($2.7 billion) takeover of a British rail technology company by German industrial conglomerate Siemens.

Lufthansa boss quits for Roche pharmaceuticals (Update)

Sep 16, 2013

The head of German airline Lufthansa, Christoph Franz, will step down at the end of his current contract in May 2014 to head the board of directors at Roche pharmaceutical group, the companies announced on Monday.

Recommended for you

Dish restores Turner channels to lineup

Nov 21, 2014

Turner Broadcasting channels such as Cartoon Network and CNN are back on the Dish network after being dropped from the satellite TV provider's lineup during contract talks.

'Call of Duty' blasts past $10 bn in sales

Nov 20, 2014

Blockbuster military shooter video game "Call of Duty" has blasted past $10 billion in lifetime sales, propelled by demand for the latest installment in the 11-year-old franchise.

Square's point-of-sale service goes global

Nov 20, 2014

Financial services startup Square is taking aim at cash registers across the globe, making its point-of-sale software available internationally in English, Spanish, French and Japanese.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.