Siemens AG names new president and CEO

Roland Busch, new president and CEO of Siemens AG

As long planned, leadership of the Munich-based technology company was transferred from Kaeser to his successor, Roland Busch – a step marking the successful completion of Siemens’ leadership succession process.

Due to the COVID-19 pandemic, the shareholders’ meeting was held in a virtual format, with neither shareholders nor their proxies being present in person.

“Today, Siemens is bidding farewell to one of its greatest leaders. Joe Kaeser has shaped the company like few others and left behind a strong foundation for future generations,” said Jim Hagemann Snabe, chairman of the Supervisory Board of Siemens AG at the shareholders’ meeting. “It’s certainly no exaggeration to say: Joe Kaeser’s departure marks the end of an era. At the same time, the next phase in Siemens’ transformation is beginning.”

Snabe also praised Kaeser’s successor, who has worked for the Siemens Group since 1994, most recently as chief operating officer, chief technology officer, and deputy CEO.

“In all his roles, Roland Busch has delivered impressive performance characterised by strategic wisdom and operating successes. Roland Busch is the ideal choice to further drive the transformation of Siemens AG,” said Snabe.

“It is with a great sense of responsibility and humility that I take on this role – and I’m very much looking forward to leading Siemens into the future with an outstanding team at my side,” said Roland Busch.

“Together with our customers, we want to lead industry, infrastructure, transportation, and healthcare into the digital age – and thereby transform the everyday for billions of people. By pursuing clear strategic priorities, we’ll transform Siemens into a focused technology company that delivers sustainable growth,” Busch noted.

Joe Kaeser has worked for Siemens for more than 40 years and headed the company as president and CEO for the past seven years.

During this period, Kaeser has renewed and shaped the company from the ground up. His first major strategic step was Vision 2020. By executing this strategy concept, Siemens strengthened its competitiveness and returned to a position of market leadership.

With Vision 2020+, Kaeser and his team then radically transformed the Siemens conglomerate into three powerful and focused companies. Today, the Siemens ecosystem comprises Siemens AG, Siemens Healthineers, and Siemens Energy.

Busch, Kaeser’s successor, has gained international experience in a variety of key positions.

Among other things, he has served as head of Siemens’ Strategy and as a member of the Managing Board with responsibility for businesses such as rail systems and building technology and for markets such as Asia and the Middle East.

The new annual shareholders’ meeting had also voted on the dividend for fiscal 2020. Accordingly, the Managing and Supervisory boards proposed that a dividend of €3.50 ($4.2) per share be distributed for the 2020 year. Adjusted by 10 per cent to account for the market value of the spin-off of Siemens Energy, this amount is at the same level as the €3.90 ($4.69) distributed for the previous fiscal year.