FRANKFURT (Reuters) – German engineering group Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) named finance chief Joe Kaeser as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a second profit warning this year.
Loescher had promised that Siemens, whose products range from gas turbines to fast trains and ultrasound machines, would grow faster than rivals such as ABB (ABBN.VX: Quote, Profile, Research, Stock Buzz), General Electric (GE.N: Quote, Profile, Research, Stock Buzz) and Philips (PHG.AS: Quote, Profile, Research, Stock Buzz), but profitability was held back by bungled acquisitions, charges for project delays and a focus on sales growth.
FRANKFURT (Reuters) – Siemens CEO Peter Loescher, whose departure was announced after he issued profit warnings that wrecked the share price of one of Germany’s largest industrial conglomerates, may drag the man who hired him down with him, a newspaper reported on Monday.
In what is quickly shaping up to be one of the most dramatic corporate battles in Germany in years, German daily Sueddeutsche Zeitung cited company sources as saying Loescher was willing to resign only if supervisory board chairman Gerhard Cromme also leaves.
MUNICH (Reuters) – Members of Siemens’ (SIEGn.DE: Quote, Profile, Research, Stock Buzz) supervisory board will meet at the weekend to discuss the future of the German engineering group’s management, two people familiar with the matter said on Friday, a day after the firm abandoned its 2014 profit target.
There was some respite for Chief Executive Peter Loescher on financial markets, with shares in one of Europe’s biggest industrial producers rising 1.4 percent after sinking around 8 percent on the profit warning a day earlier.
FRANKFURT, July 25 (Reuters) – Publisher Axel Springer
struck a 920 million euro ($1.22 billion) deal to
sell some of Germany’s best-known newspapers and magazines,
severing its oldest roots in order to intensify its focus on
The company said on Thursday it was selling regional
newspapers Berliner Morgenpost and Hamburger Abendblatt, five TV
programme guides and two women’s magazines, jointly accounting
for about 15 percent of group revenues, to Germany’s Funke
FRANKFURT, July 22 (Reuters) – German software maker SAP AG
is breaking up its dual-CEO structure and giving sole
executive power to Bill McDermott, only weeks after his after
co-CEO Jim Hagemann Snabe defended the power-sharing structure
in a newspaper interview.
Hagemann will move to SAP’s supervisory board in a rejig
which comes two months after the group announced a management
revamp to sharpen its focus on “cloud” computing, a hot area for
SAP and its rivals which allows clients to ditch costly servers
for network-based software and storage in remote data centres.
FRANKFURT, July 18 (Reuters) – German business software
maker SAP AG trimmed its sales outlook for this year,
warning that a slowdown in China was prompting companies across
Asia to put investments on hold.
China’s growth rate slowed to 7.5 percent in the second
quarter, the ninth quarter in the last 10 that expansion has
weakened, in a setback for companies betting on a continued boom
in the world’s second-biggest economy.
FRANKFURT, July 11 (Reuters) – German home-improvement chain
Praktiker filed for insolvency on Thursday after talks
with creditors failed, sending its shares into freefall and
sparking fears of heavy job losses.
Germany’s retail industry has had a rough ride during the
economic downturn as consumers in Europe’s biggest economy, who
tend to save a large part of their earnings, kept a tight rein
FRANKFURT, July 8 (Reuters) – Shares in Osram Licht AG
fell as much as 2.4 percent on their stock market
debut on Monday, as some investors sought an exit following the
lighting company’s spin-off from engineering group Siemens AG
Having opened at 24.00 euros, giving the company a market
value of about 2.5 billion euros ($3.2 billion), shares in the
company fell to a low of 22.99 euros. At 0927 GMT, shares traded
at 23.18 euros apiece.
PARIS (Reuters) – Last-minute orders swept Airbus to victory over Boeing at a Paris Airshow marked by stormy weather and hot debate over the next generation of big jets.
European planemaker Airbus clinched deals for 90 more planes on Thursday, taking its orders and commitments at the world’s top aviation fair to 466 aircraft worth $69 billion (44.54 billion pounds) at list prices.
PARIS (Reuters) – Companies like Eurocopter (EAD.PA: Quote, Profile, Research, Stock Buzz) and Sikorsky are making their helicopters faster, bigger and more comfortable to attract more customers from the offshore oil and gas industry to generate sales as military budgets shrink.
Oil companies already use helicopters to ferry workers to and from offshore rigs. These choppers may rack up 1,500 hours of flight time every year, much more than corporate or even military equivalents.