By Jo Best, 8 July 2004 12:30
NEWS Siemens CEO Heinrich von Pierer is to cede the post he's held for 12 years to fellow board member Klaus Kleinfeld in January 2005.
Kleinfeld joined the company in 1987 and progressed up the ladder to Siemens' management board in late 2002 after pioneering a revamp in Siemens US arm. From next month until the end of January, Kleinfeld will become deputy chairman of the management board until his accession to the head of the $16bn company.
Von Pierer will take up the role of chairman of the supervisory board as the previous incumbent, Karl-Hermann Baumann, is going into retirement.
The management reshuffle is not the only change afoot at Siemens. The company's mobile and network telecommunications divisions will be merged in October of this year. Further details of the restructuring will be announced after the next supervisory board meeting.
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