Siemens: Joe Kaeser’s exit to the warm “Austragstüberl”

Siemens: Joe Kaeser's exit to the warm "Austragstüberl"

The farewell had emerged, but originally the Siemens Supervisory Board did not want to decide on the personnel until the summer. Now the personnel was preferred to Joe Kaeser. His successor as CEO, Roland Busch, is already ready, the change should be completed at the latest on February 3, 2021.

In the shadow of the Corona crisis, the Siemens management wanted to hide the biggest embarrassment of the recent past. But the calculation is unlikely to work out. What Siemens’ top management under Joe Kaeser and chief inspector, supervisory board chief Jim Hagemann Snabe, announced today is a disaster, even if the headline to the surprising announcement says euphemistically: “Siemens is setting the course for the next management -Generation”.

In fact, it is a declaration of bankruptcy by the supervisory board under Snabe, who wants to give Joe Kaeser a worthy exit, but exposes the entire group to unforeseen risks. Kaeser, who has stylized himself as a pop icon of old and new Deutschland AG through skilful in-house PR, wants his executive board contract to expire in early February 2021 and hand over the job to his designated successor Roland Busch. So far so good and predictable.

But why exactly Kaeser has to take over the chairmanship of the supervisory board of the new branch Siemens Energy, which is to be listed on the stock exchange in September? Well-known employee representatives have long warned against giving the Siemens chief innovator, admittedly deserved, such a “job room” as such items are called in Bavaria. According to the latest reports, the group wants to quickly reduce its share to a minority stake anyway.

Repeatedly duped and performed

No wonder, the business with coal-fired power plants, gas turbines and services for US fracking companies is now considered toxic and a kind of bad bank from Siemens. The designated chief of the new energy offender, Michael Sen, was rightly horrified and did not want to participate anymore, together with the designated chief financial officer. Kaeser had specially brought back the two who had previously worked at Siemens for the hell job. Whether the IPO can even take place in September in view of the upheavals in the global economy remains to be seen, even if the opposite is stated in the latest Siemens publication.

Kaeser had repeatedly duped and demonstrated his former protégé Sen in recent months, for example by offering climate activist Luisa Neubauer a post on the supervisory board of the new energy company and giving him fatherly advice, for example on how he could place orders that could potentially harm CO2 in the future should test their acceptance for the group. It was Sens’s job to invent a stock market story for the extremely difficult business, which should also convince investors such as large pension funds. Kaeser really wanted to write it herself, an absurdity for a manager of the stature of Michael Sen.

Now everyone is faced with the ruins of the original planning, in the face of a century-long catastrophe like the corona crisis. Former Linde manager Christian Bruch is now said to save the project. One can only wish the man good luck.

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