On Air Now

Listen

Listen Live Now » 98.5 FM Battle Creek, Michigan

Weather

Current Conditions(Battle Creek,MI 49017)

More Weather »
55° Feels Like: 55°
Wind: SE 8 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Cloudy 41°

Tomorrow

Mostly Cloudy/Wind 62°

Thurs Night

Rain 44°

Alerts

Siemens board to name Ackermann's successor on Wednesday -sources

Former Deutsche Bank Chief Executive Josef Ackermann is surrounded by media as he arrives for a book presentation in Berlin, September 12, 2
Former Deutsche Bank Chief Executive Josef Ackermann is surrounded by media as he arrives for a book presentation in Berlin, September 12, 2

FRANKFURT (Reuters) - The supervisory board of Germany's Siemens will on Wednesday name a successor for Josef Ackermann, who has said he will step down from the board, two people familiar with the matter said on Tuesday.

In a separate development the board is also set to announce that human resources chief Brigitte Ederer will leave the company at the end of the month, at the behest of German workers' union IG Metall, according to a report in Austria's Kronen Zeitung newspaper.

The company declined to comment.

Ackermann, former chief executive of Deutsche Bank , said last week he would give up his post as second deputy chairman on Siemens' supervisory board.

The board has picked an industry expert, who is not German, to replace Ackermann, the sources said on Tuesday. They did not provide further details on who the successor will be.

That would mean that Linde Chief Executive Wolfgang Reitzle, who has been named by German media as a likely candidate for a board seat, is out of the running for now.

Ackermann will probably not attend Wednesday's meeting where his successor will be named, the sources said.

The new board member will assume Ackermann's seat but will not automatically replace him as second deputy to Chairman Gerhard Cromme, one of the two people said.

The supervisory board is also expected to discuss the selection of a new chief financial officer to replace Joe Kaeser, who was named chief executive last month.

Michael Sen, CFO of Siemens' Healthcare business, and Ralf Thomas, CFO of the company's bread-and-butter industrial products business, are seen as potential candidates.

Siemens, Germany's second-biggest company by market value, named Kaeser as its new boss last month, after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of profit warnings.

Kaeser and his new CFO will face the challenge of whipping into shape a lumbering conglomerate with 78 billion euros ($104 billion) of annual sales and products ranging from gas turbines to high-speed trains and ultrasound machines.

$1=0.7491 euros)

(Reporting by Jens Hack and Philipp Halstrick; Writing by Maria Sheahan; Editing by Pravin Char and Greg Mahlich)

Comments