Business Maverick: Siemens CEO Seeks to Shake Up Company With Energy Spinoff

The Munich-based industrial giant wants to “massively deconsolidate” the division to make the parent company more manageable and less risky, Kaeser said in an interview.

Kaeser, 62, is working to a 2021 deadline when his mandate is set to end. In September Roland Busch was appointed deputy CEO. “It’s the first time in 15 years that we’re doing a real succession plan. And it is a good plan,” Kaeser said.Yet the CEO said he’s taking no chances and would be willing to extend his contract should the plan unravel.

Kaeser has sought to transform Siemens ever since he took over as CEO in 2013. He has cut thousands of jobs, slashed costs and shed or spun off assets including the health care and renewable arms. He failed on one major front: a bid to merge the group’s rail operations with rival France’s Alstom SA. That deal was shot down by European antitrust authorities.

Kaeser dismissed any doubts raised by analysts that union and political resistance could prevent the separation. He said he used a metaphor about buckets to win over labor representatives making up half the supervisory board.

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