Siemens CEO Joe Kaeser to Leave by Next Year

By Ruth Bender 

BERLIN -- German industrial engineering company Siemens AG on Thursday said Chief Executive Joe Kaeser would be replaced by current Deputy CEO Roland Busch by early next year, cementing the company's shift from a conglomerate into a business more focused on digital transformation.

Mr. Busch, a technician who was put on a fast track to succeed Mr. Kaeser last fall, is to take over as CEO at latest after the group's next ordinary shareholder meeting in February 2021, Siemens said in a statement.

The transition will be gradual, with Mr. Busch taking on more responsibilities until the official succession. Mr. Kaeser, meanwhile, will be proposed to become chairman of a new company -- Siemens Energy -- which Siemens is set to spin off later this year, the company said.

Mr. Kaeser's departure marks a milestone for Siemens. The outgoing CEO sought to reinvent the company from an industrial conglomerate to a much smaller but more focused business that in the future will focus mainly on new digital technology businesses, connecting factories and urban infrastructure to the internet.

Mr. Kaeser recently celebrated his 40th anniversary at Siemens. He is considered one of the most outspoken of German CEOs and has at times provoked controversy with his tweets on issues from climate change to political issues.

Write to Ruth Bender at [e-mail]

(END) Dow Jones Newswires

March 19, 2020 16:05 ET (20:05 GMT)

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