"With Klaus Patzak, we've gained a proven expert in the areas of finance and portfolio. Leveraging his wide-ranging experience in a large number of industries, he'll help us get our Portfolio Companies back on track. I'd like to wish Klaus Patzak every success," said Roland Busch. Siemens' Portfolio Companies generated pro forma revenue of around €5 billion in fiscal 2018. In fiscal 2018, POC posted a loss (adjusted EBITA) of around €300 million. As defined by Siemens' new Vision 2020+ company strategy, the goal for the Portfolio Companies is to achieve an adjusted EBITA margin of five percent by 2023.
"I'm very pleased to have the opportunity – together with the management teams – to further enhance the performance of the Portfolio Companies and significantly increase their profitability," said Klaus Patzak.
In his capacity as Chairman of the Portfolio Companies, Jochen Eickholt will continue to actively drive the turnaround of these businesses and contribute his restructuring experience.