Word: siemenses
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We introduced the CEO principle. So we now have single, individual business leaders running and being responsible for global businesses. Siemens was fundamentally organized around committees, and now you have single accountability. You have clear alignment of responsibility and accountability. That's the key cultural change.
Brought in after a bribery scandal to present a fresh face of reform to German engineering firm Siemens, former Merck executive Peter Löscher has ratcheted up accountability and cut down on management committees. He talked with TIME's Bill Saporito about the challenge of change.
Siemens has just delivered a nasty surprise to investors, forecasting a $1 billion earnings shortfall. What happened?
Last quarter I said that we're doing a thorough assessment of projects across our company. This is completely in line with the principles of openness, transparency and accountability that are at the heart of how we're re-energizing our organization. We expect charges of 900 million euros [$1.4...
One of Siemens' issues in the scandal was management accountability. How are you reforming the system?