Word: kleinfeld
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...Kleinfeld expected to have his contract extended. And with good reason. He presented first-half results that show that all the company's divisions are profitable again for the first time in years. Dieter Scheitor, the IG Metall union representative on Siemens' supervisory board who gave Kleinfeld a shove, says what matters most is whether all the bad news is out now. "Experience teaches us that the scandal probably has not reached its final act yet," he says...
Hershman, the ethics cop whom Kleinfeld hired, has been holding compliance training sessions with hundreds of executives. The week before Easter, he met the chief financial officers of divisions in a conference room at the busy Munich airport. Most of their questions were technical in nature, but some revealed how raw emotions are at the company. "How long will it take before everything is known?" asked one. "How long will it take before Siemens' reputation is restored?" asked another. During his wanderings, Hershman has been learning a lot about what went wrong at Siemens. The Munich meeting, for example...
Siemens now requires any consulting contracts linked to sales to have the final approval of Noa, the CCO, and rules requiring divisions to report to the CCO have been strengthened. Siemens businesses may no longer use a bank outside a vendor's home country to pay the supplier. At Kleinfeld's request, Hershman dispatched four teams to scrutinize Siemens operations in what the CEO calls high-risk countries...
...confront similar issues, and he believes the challenge for German industry is much broader. "Germany is now not unlike the U.S. in the 1970s, when there was a host of big corruption cases," he says. For Siemens, the end of the bad news is far from over. As Kleinfeld was making his parting statements, the SEC launched an official investigation into the company. And Siemens conceded that the amount of money siphoned off for bribes at its telecom unit is probably much higher than the $570 million previously thought...
...aftermath of Kleinfeld's decision to walk, Siemens' stock tanked. But Kleinfeld's has risen. He was hoping that three to five years down the road, people would look back and say Siemens had a problem but used it as an opportunity to become totally transparent and remodel the company for the epic infrastructure build-out that is unfolding around the world. It may still happen, but Kleinfeld's view of his handiwork will probably be that of a spectator...