Joe Kaeser, president and CEO of Siemens, told the firm’s supervisory board on March 19 that he will not pursue an extension of his contract. The board has appointed Roland Busch, who currently serves as deputy CEO, to be his replacement, effective in February 2021.
Busch will receive a new contract for five years, effective April 1, 2020. At that time, he will step into his responsibilities, taking ownership of the planning and implementation of the budget for fiscal 2021. He also will be responsible for the management of the businesses of the future at Siemens AG, which include smart infrastructure, digital industries and mobility.
Kaeser will move into a new role as chairman of the supervisory board of Siemens Energy.
Jim Hageman Snabe, chairman of the Supervisory Board of Siemens, remarked on Kaeser’s decision, “On behalf of the entire supervisory board, I’d like to thank Joe Kaeser very warmly for acting with foresight and for demonstrating the deci
