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By adding five more years to his term, Siemens AG announced it will retain its president and chief executive officer, Roland Busch. The German tech firm announced its CEO's extended contract on Tuesday, April 8.
The CEO is Here to Stay
According to Reuters, Busch was first appointed to lead Siemens AG in 2021, and the supervisory board stated that the extension would start in April 2025. The decision is a clear sign that the board and management support the CEO due to his impressive performance and leadership,
The 59-year-old veteran has been leading Siemens for about three years after taking over the reins from Joe Kaeser. He successfully led the company through the pandemic, and despite the aftermath, the company still emerged with its highest net profit of €8.5 billion in 2023.
Strategic Contract Extension of Key Leaders
Siemens' re-appointment of its leaders was strategic because those executives helped the company achieve its goals and growth. In addition to the CEO, the company's supervisory board also extended the term of Cedrik Neike, the chief of Digital Industries and a member of the firm's managing board. His new contract was also renewed for five years from June 2025.
"Siemens has the right strategy and the right leadership team to support future growth and success, building on a track record of outstanding operational execution and technology leadership," Siemens' chairman of the supervisory board, Jim Hagemann Snabe, said in a press release. "Roland Busch has successfully led a strong team with impressive results. He can continue to deliver on his strong aspiration to accelerate digitalization and sustainability for customers and improve people's lives through technology all over the world."
On Cedrik Neike's contract extension, Snabe commented, "Cedrik has led the transformation of Digital Industries: solidifying leadership in industrial automation and software while creating strong customer impact and shaping a winning culture as a role model leader of Siemens' largest business."
Meanwhile, Roland Busch was elated by the extension of his contract. He said he deeply appreciates Team Siemens's commitment and dedication. The CEO is also grateful to the Supervisory Board for trusting him again and said it is a privilege to lead such a great company.
Photo by: Honza Groh(Jagro/Wikimedia Commons(CC BY-SA 3.0)
