September 20, 2019 / 12:07 PM / 25 days ago

Siemens supervisory board wants to block CEO Kaeser from becoming chairman - Der Spiegel

BERLIN, Sept 20 (Reuters) - Some Siemens supervisory board members want to extend the mandate of their current chairman to block Chief Executive Joe Kaeser from assuming the position after his contract expires in 2021, Germany’s Der Spiegel reported on Friday.

Some supervisory board members are urging to extend the mandate of current chairman Jim Hagemann Snabe which is due to end early 2021 until 2025 at the company’s next annual general meeting in February, the said.

Kaeser has not yet expressed his interest in the position but a supervisory board source told Reuters the board would oppose a potential candidacy.

The news comes as the Munich-based firm is reshuffling its management. On Wednesday, Siemens promoted Chief Operating Officer Roland Busch to become deputy chief executive, putting the 54-year-old in the pole position to eventually replace Kaeser as head of the group.

Some investors and staff have become dissatisfied with the Siemens boss, who took the role in 2013, complaining about shrinking profit margins and constant restructuring.

Reporting by Riham Alkousaa and Alexander Hübner Editing by Tassilo Hummel, editing by Louise Heavens

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