Word: germanize
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...unprecedented move, the supervisory board of German engineering giant Siemens AG on Tuesday launched plans to sue 11 former management board executives, including former CEOs Heinrich von Pierer and Klaus Kleinfeld, over alleged supervisory failings linked to a $2 billion bribes-for-business scandal...
...board's decision marks the first time that all members of an executive board are being held personally accountable for alleged financial damages to a German blue-chip company. The development is widely seen as a sign that the traditionally cozy relationship between German supervisory boards and the executive management boards they oversee is breaking down once...
...Siemens' decision to seek financial damages from former executives is a warning to the rest of German industry that such practices are under threat. The personalities involved make up a veritable A-Team of German management: Siemens' supervisory board is chaired by Gerhard Cromme, former CEO of German steelmaker ThyssenKrupp, and includes powerful business titans such as Josef Ackermann, the CEO of Deutsche Bank, and Michael Dieckmann, CEO of financial services giant Allianz AG. They were no doubt aware that a decision to go after previous execs Kleinfeld and particularly von Pierer - a former advisor to Chancellor Angela Merkel dubbed...
...This is a paradigm shift in German corporate culture. The cozy times are over," says Manuel Theisen, a management professor at Munich's Ludwig Maximilian University and a leading expert on German supervisory boards...
Then, when a hurricane blew away McCain's plans to visit an oil rig in the Gulf of Mexico, his campaign flew on to Ohio while Buckeye State Republicans scrambled to come up with events to fill the suddenly empty schedule. Going to the German sausage restaurant while Obama was in Berlin probably endeared him to a lot of voters in the central Ohio, a pivotal region in a key swing state where Schmidt's bratwurst are a point of local culinary pride. But the picture of him emerging from the joint with almost nothing to say while Obama...