Siemens was again profitable in the first quarter of the new fiscal year. Despite declining revenue, nearly all the company’s businesses reached their defined margin targets. Although the order situation stabilized, new orders remained at a significantly lower level than before the crisis due to continued weak demand worldwide. “Earnings for the first quarter provide a gratifying snapshot of our current situation. The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession,” said Siemens President and CEO Peter Löscher. “We will continue to tackle all challenges decisively and in a responsible manner. Only such an approach can ensure Siemens’ long-term success,” he stated.
The regular Annual Shareholders’ Meeting of Siemens AG has approved the proposed settlements between the company and nine former members of Siemens’ Managing and Supervisory Boards. The shareholders also endorsed an agreement whereby the provider of the company’s directors and officers insurance policy will cover damages of up to €100 million. In addition, the shareholders approved the current system of Managing Board compensation and ratified the acts of the Managing and Supervisory Boards for fiscal 2009. The Annual Shareholders’ Meeting also confirmed the dividend of €1.60 per share proposed by the Managing and Supervisory Boards. The proposals on these agenda items were approved by large majorities at the meeting today in Munich’s Olympiahalle.
"Earnings for the first quarter provide a gratifying snap-shot of the current situation," said Siemens CEO Peter Löscher. "The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession. We will continue to tackle all challenges decisively and in a responsible manner. Only such an approach can ensure Siemens' long-term success."
Siemens held its Annual Shareholders' Meeting at the Olympia Hall in Munich on January 26, 2010.
As announced, Siemens AG filed suit today in the Munich District Court against two former Managing Board members, Thomas Ganswindt and Heinz-Joachim Neubürger. The company is claiming damages of €15 million from Neubürger, its former CFO, and €5 million from Ganswindt, the former head of its telecommunications business.
Siemens will sell its 25 percent stake in Dräger Medical AG & Co. KG to majority shareholder Dräger. Ownership of the medical engineering company will then be fully transferred to Dräger. Proceeds of the sale will have a minimum value of about €250 million. The Managing Board of Drägerwerk Verwaltungs AG, as personally liable shareholder of Drägerwerk AG & Co. KGaA, and the Managing Board of Siemens AG have agreed to the transaction, which is still subject to regulatory approval.
Atherosclerosis, more commonly known as arterial clogging, is the most widespread disease in most nations of the world. In a recent presentation at the Scientific Sessions of the American Heart Association meeting in Orlando, Fla., an international research team has documented that the people of antiquity suffered from clogged arteries, as well. Through the use of a SOMATOM® Emotion 6 computed tomography (CT) scanner from Siemens Healthcare, the team discovered the atherosclerosis in Egyptian mummies as old as 3,500 years.
Roland Chalons-Browne (53) has been appointed CEO of Siemens Financial Services, effective February 1, 2010. He will succeed Dominik Asam, who is leaving Siemens in March 2010 at his own request. Roland Chalons-Browne, a U.S. citizen, began his career in 1977 at Lloyds Bank International, where he rose from the position of Assistant Vice President to Branch Manager in New York. From 1981 to 1989, he worked at Mellon Bank. In 1989, he moved to WestLB, where, among other things, he was responsible, as a Managing Director, for the European and American market until 2005.
Siemens IT Solutions and Services will get a new management. Former CEO Christoph Kollatz (49) is stepping down from his position effective immediately. Christian Oecking (47), head of the Global Operations Business Unit, will serve as acting head of Siemens IT Solutions and Services until preparations for appointing a new CEO for the cross sector business can be completed.