Supervisory Board Chairman Cromme officially introduces Löscher as President and CEO
Gerhard Cromme, the Chairman of Siemens’ Supervisory Board, introduced Peter Löscher as Siemens’ new President and CEO at a press reception on Thursday. “Peter Löscher is the ideal President and CEO for Siemens. He has the characteristics that have made Siemens strong and that distinguish the company today: internationality, capacity for change and respect for tradition. I wish him every success, and I’m looking forward to a fruitful collaboration,” said Cromme. Löscher used his first official appearance to present key aspects of the program for his first 100 days. The focus will be on five areas: leadership culture and organizational structure, high-growth markets, innovation, business portfolio, and compliance. “The Managing Board will ensure that the existing issues are clarified and that confidence in our company is completely restored – quickly and decisively,” said Löscher. Siemens will become more transparent, less complex, faster and more efficient.
“Performance with ethics – this is not a contradiction, it is a must,“ said Löscher. Siemens has obligated itself to clarify any acts of wrongdoing at the company without respect to persons and to draw the necessary consequences. The Chief Compliance Officer will be an expert from outside the company with international experience, he added.
Structure and culture to be further developed
Siemens will be further developed in a number of areas to reduce the complexity of its structure and to define unambiguous, crystal-clear responsibilities at every level. “The Corporate Executive Committee will be scrutinizing the organization of the Groups, the Regional Companies and the tasks of the Corporate Units in detail. In the fall, I’ll present our conclusions to the Supervisory Board, with these goals in mind: clear lines of responsibility, a high level of transparency and maximum speed,” explained Löscher.
The President and CEO made it clear that the company’s culture also requires further optimization. “What we want and what we need is a team culture – fast and efficient teamwork,” said Löscher. For this reason, his first days in office will be devoted to visiting Siemens’ Groups, production facilities and research laboratories. One focus will be on the high-growth markets of China, India and Japan, where Siemens still has substantial unrealized potential. Except for a short, flying visit to Austria, these countries will, accordingly, be Löscher’s first destination outside Germany. He will subsequently visit Russia and the Gulf region.
Current strategy to be further implemented, portfolio to be strengthened
Löscher emphasized that the company has the right strategic orientation. “Siemens is extraordinarily successful and investors are rewarding its performance. On the stock exchanges, our company is now valued at some €100 billion,” said Löscher. Siemens will continue to implement its current strategy and the Fit4 2010 program in order to become faster, more focused and less complex. As a result, the business portfolio will be more sharply focused and further strengthened. A decision will be made regarding Siemens VDO before the end of the summer, said Löscher.
The new President and CEO underscored his commitment to innovation, to Germany as a business location and to moves to foster the company’s emerging leaders. “Siemens boasts a 160-year tradition of outstanding innovations and is a leader in a wide range of technology fields. Germany’s competitive edge is based on the power of innovation,” said Löscher. “To keep this advantage, we’ll have to do everything in our power to eliminate the bottlenecks impeding the development of qualified young people. This is a major challenge particularly in Germany. Not only do we have to intensify our efforts as a company. We must also support the government in finding ways – through education, qualification and recruitment – to attract a sufficient number of highly-qualified young people from outside the country,” he noted.
Siemens (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded more than 155 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30), Siemens had sales from continuing operations of €87.3 billion and net income of €3.033 billion (U.S. GAAP). Further information is available on the Internet at: www.siemens.com.
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