Miguel-Angel López (48), previously the Chief Financial Officer (CFO) of the Industry Automation Division, will become the new CFO of the Industry Sector, effective October 1. The business economist will succeed Ralf Thomas (52), who was appointed Chief Financial Officer of Siemens AG in mid-September 2013. López has served as the CFO of various business areas of Siemens VDO, Automation and Drives, Software and, since 2008, of the Industry Automation Division.
- Form a 50:50 joint venture in high-voltage powertrains for electric cars
- Strong partners with complementary scope and portfolio
- New joint venture becomes strong player in the fast growing market of automotive electrification
- Focus to provide innovative and affordable high-voltage components and systems for electric cars in global mass markets
Siemens and Valeo have signed an agreement to form a joint venture in high voltage powertrains. With this move the companies create a global leader of innovative and affordable high-voltage components and systems for the entire range of electric vehicles including hybrids, plug-in hybrids and full electric vehicles. Building upon their complementary scope and portfolio, the joint venture will provide substantial synergies in manufacturing and sourcing and create a base for sustained growth and profitability. The electric vehicle components market is expected to grow with a compound annual growth rate of more than 20% until 2020. According to the agreement, Siemens and Valeo will each hold a 50% stake in the joint venture, have joint control and account for their respective stake using the equity method.
The Siemens Managing Board is establishing a Siemens Technology & Innovation Council (STIC). Comprising internationally experienced and respected experts from the research and scientific communities, the Siemens Technology & Innovation Council will closely support the Managing Board in systematically analyzing and monitoring strategic topics in the areas of technology and innovation. The council will focus, in particular, on developments, innovations and technologies that will have an impact on Siemens' business over the next ten years. Peter Gruss has been appointed to head the expert panel. He will also steer its orientation and composition.
- Carve-out as separate company under the Siemens umbrella to take place in the coming months
- Siemens to provide company with solid financial basis
- Michael Reichle from Infrastructure & Cities Sector designated CEO
Siemens no longer intends to sell its baggage handling and parcel and postal sorting activities. The activities are to be further operated as a separate business under the Siemens umbrella. "I've made it clear again and again that we have to get our businesses in order again ourselves. We'll do this in the case of postal automation and airport logistics. We'll set up the company so it can operate better and more flexibly in its medium-sized competitive environment. And we'll create the required prerequisites for this: suitable financial resources, appropriate management structures and an appropriate timeframe," said Siemens President and CEO Joe Kaeser.
- Management informs employee representatives about impact of new organizational structure
- As part of the streamlining of administrative and overhead functions announced in May 2014, about 7,800 jobs to be cut worldwide – including 3,300 in Germany
- Savings of about €1 billion to be invested in innovation, productivity and growth initiatives
- Workforce size worldwide to remain virtually stable
As previously announced, Siemens has informed the relevant employee representatives about the personnel adjustments planned in connection with the company's new organizational structure. In a drive to streamline administrative and overhead functions, about 7,800 jobs are to be cut worldwide – including some 3,300 in Germany. "Our Vision 2020 concept will enable us to get our company back on a sustainable growth path and close the profitability gap to our competitors. Our strategic reorientation has enabled us to considerably streamline our organization and remove entire intermediate levels. These steps will bring our businesses closer to our customers and make us significantly faster. As a result, certain tasks and functions will be completely eliminated. We're going to tackle this challenge together and implement the resulting measures responsibly. This completes the restructuring of our company in line with the new organizational setup of October 1, 2014," said Joe Kaeser, President and CEO of Siemens AG.
- Themed guided tours of Hannover Messe stopping at the main Siemens booth in Hall 9
- CEO2You platform offers students chance to converse with Siemens Management members
- Tec2You Patron Johanna Wanka, Federal Minister for Education and Research, to visit the fair
Siemens will be enabling around 1,000 students from 35 Siemens partner schools from around Germany to take part in the Tec2You young technology talent initiative at the Hannover Messe 2015. The scheme will allow youngsters between the ages of 15 and 18 to take part in guided tours of the fair grounds and the main Siemens booth in Hall 9. The tours will start out from the Siemens Tec2You booth in Hall 11/D. By providing workshops, interactive guided tours and the opportunity to talk face to face with CEOs, Siemens is offering the youngsters an introduction to the world of engineering and opening up the prospect of interesting potential career paths. As one of Germany's biggest training enterprises, Siemens opens up global perspectives to trainees and students on cooperative study programs, providing them with wide-ranging skill sets. Overall, the Tec2You scheme is expecting to welcome around 10,000 school students to this year's Hannover Messe.
- Strong partners with complementing technological competencies found joint venture
- Existing regional organizations ideally complement one another
- Structures tailored to global market requirements and the international competitive environment
Siemens and Mitsubishi Heavy Industries (MHI) want to cooperate in the field of metallurgical industry and are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry. Responding to the challenging market environment and high price pressure, two strong partners are bundling their individual strengths and establishing a powerful and globally well positioned joint venture. An agreement to this effect has just been signed. According to the agreement, MHI will hold a 51-percent and Siemens a 49-percent stake in the joint venture. Subject to approval of the relevant authorities, the joint venture will start operations in January 2015.
As part of its realignment, Siemens AG has named its future management team. The Supervisory Board of Siemens AG has appointed Lisa Davis – who is currently Executive Vice President Strategy, Portfolio and Alternative Energies at Royal Dutch Shell – to the Managing Board, effective August 1, 2014. Lisa Davis will be responsible on the Managing Board for the Power and Gas Division, the Wind Power and Renewables Division, the Power Generation Services Division, the Region North America and the Region South America. She will be based in the United States. Michael Süß is resigning from the Managing Board with immediate effect, for personal reasons and by mutual consent. He will continue to be available to Siemens' President and CEO in a consultative capacity. Until Lisa Davis assumes her position, the Energy Sector will be headed by Randy Zwirn on an acting basis and represented on the Managing Board by Klaus Helmrich.
Siemens announced today that it has started a 15-year technical support and spare parts supply agreement with the U.S. passenger rail operator Amtrak for its 70 new Siemens ACS-64 electric locomotives in operation on the Northeast Corridor. This is Siemens' largest technical support contract for passenger locomotives to-date in the U.S. In 2010, Amtrak ordered 70 Amtrak Cities Sprinter electric locomotives from Siemens. The first locomotives are already in passenger service.
- Acts of Managing and Supervisory Boards ratified by large majorities
- Dividend proposal of €3.00 per share endorsed
- Shareholders approve new Managing Board compensation system
- Election of Jim Hagemann Snabe to the Supervisory Board approved
The shareholders of Siemens AG voted at the company's Annual Shareholders' Meeting in Munich to approve the acts of the Managing and Supervisory Boards in fiscal 2013. As proposed by the Managing and Supervisory Boards, the shareholders also approved a dividend of €3.00 per share for fiscal 2013. In addition, the Annual Shareholders' Meeting approved the new compensation system for Managing Board members and elected Jim Hagemann Snabe to the company's Supervisory Board.