Word: siemenses
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Julian Mitchell, an analyst with Credit Suisse, applauds Kleinfeld for sorting out the bad businesses in the company's portfolio but says Siemens--no matter who runs it--still has a lot of work to do. "The next phase is all about improving execution in the core areas of the...
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...
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...
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...
After four months of digging around Siemens, Hershman says he is suffering from déjà vu. He compares Siemens' dilemma to General Electric's when Jack Welch was forced to confront similar issues, and he believes the challenge for German industry is much broader. "Germany is now not unlike the...