Siemens Board Member Brigitte Ederer Said to Leave

Siemens AG (SIE)’s head of human
resources Brigitte Ederer will probably leave the management
board of Europe’s largest engineering company before the end of
her term, according to a person with knowledge of the matter.

The supervisory board may decide at a meeting tomorrow that
Ederer, a 57-year-old Austrian whose contract is running until
mid-2015, will leave this year, said the person, who was briefed
on the discussions and asked not to be identified as the matter
is private. Siemens declined to comment. Austria’s Kronen
Zeitung reported her potential departure earlier today.

Siemens is reshuffling its management after finance chief
Joe Kaeser became chief executive officer last month, replacing
Peter Loescher after five profit forecast cuts in six years. The
supervisory board tomorrow may also appoint a successor for its
deputy chairman Josef Ackermann and is poised to promote Ralf Thomas, finance chief of the industry division, or Michael Sen,
who holds the same role at the health-care business, to the
position of chief financial officer, four people with knowledge
of the matter said earlier this week.

Ederer, a former Austrian politician and CEO of Siemens’s
unit in that country, joined the company’s managing board in
2010. The only other woman on Siemens’s management board is
Barbara Kux, responsible for procurement and sustainability, and
she’s scheduled to leave when her contract expires in November.

Lower Profitability

While other German industrial champions have prospered
during the European credit crisis thanks to their strength in
export markets, Siemens has floundered.

Loescher, also an Austrian national, who joined Siemens
from drugmaker Merck & Co. as the company’s first external
appointment as CEO, had to write down the value of several
acquisitions, and drove a failed push into environmentally
friendly energy that led to spiraling costs.

Siemens had a profit margin of 9.5 percent in 2012 when
competitors ABB Ltd. (ABBN) and General Electric Co. had margins of
10.3 percent and 15 percent, respectively. So-called sector
profit from the main health care, industry, infrastructure and
energy divisions fell to 1.26 billion euros in the fiscal third
quarter of this year, from 1.82 billion euros a year earlier.

To contact the reporter on this story:
Alex Webb in Munich at
awebb25@bloomberg.net

To contact the editor responsible for this story:
Simon Thiel at
sthiel1@bloomberg.net

Source Article from http://www.bloomberg.com/news/2013-09-17/siemens-board-member-brigitte-ederer-said-to-leave.html
Siemens Board Member Brigitte Ederer Said to Leave
http://www.bloomberg.com/news/2013-09-17/siemens-board-member-brigitte-ederer-said-to-leave.html
http://news.search.yahoo.com/news/rss?p=human%20resources
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