Munich, March 19, 2020
Disclosure of an inside information according to Article 17 MAR
Siemens sets course for establishing next generation of management
The Supervisory Board of Siemens AG has made pivotal personnel decisions at an extraordinary meeting today. Siemens President and CEO Joe Kaeser has informed the Supervisory Board of Siemens AG that he will not be pursuing an extension of his mandate. He will be proposed as Chairman of the Supervisory Board of Siemens Energy. The Supervisory Board has appointed Roland Busch to be President and CEO of Siemens AG. At the latest, this appointment is to be effective at the end of the next ordinary Annual Shareholders' meeting, which is to take place on February 3, 2021. He is receiving a new contract for five years, effective April 1, 2020. In this connection, Roland Busch will already be responsible for the planning and implementation of the budget for fiscal 2021 and will be assuming all relevant responsibilities within the Managing Board. In addition to his current duties, he will - effective April 1, 2020 - also already be responsible for the overarching integration and management of the businesses of the future Siemens AG (Smart Infrastructure, Digital Industries and Mobility) within the Siemens Managing Board.
Effective immediately, Joe Kaeser will, in addition to his current duties, assume responsibility within the Managing Board for Siemens Energy, including Siemens Gamesa Renewable Energy. Christian Bruch, who is Executive Vice President of Linde plc and CEO of Linde Engineering, has been appointed to be the new CEO of the Gas and Power Operating Company and designated CEO of Siemens Energy, effective May 1, 2020. Effective the same day, Maria Ferraro has been appointed to be new CFO of Gas and Power and designated CFO of Siemens Energy. Michael Sen and Klaus Patzak are leaving the company by mutual agreement. Spinoff and public listing of Siemens Energy at end of September 2020 are on schedule and pursued without change.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens' management, of which many are beyond Siemens' control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Head of Siemens Investor Relations
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