Biz people: Siemens split on successor to CEO

Siemens' supervisory board is split on the question of whether to renew Chief Executive Klaus Kleinfeld's contract as some board members agitate for a fresh start, sources familiar with the matter said.

The German industrial group, reeling from the resignation of its chairman last week over a long-running corruption saga, declined to comment yesterday but said the matter would be decided today as planned at the board's meeting.

One person with knowledge of the situation told Reuters: "Some supervisory board members are pausing to consider their position on the question of Kleinfeld's contract extension."

Another source familiar with the matter said representatives of investor interests on the supervisory board had reservations about renewing the contract, which expires at the end of September and had been widely expected to be extended for five years.

The Financial Times Deutschland reported earlier that Josef Ackermann, CEO of Deutsche Bank and an influential member of the Siemens supervisory board, was spearheading a drive to replace Kleinfeld (left).

Deutsche Bank declined to comment.

(China Daily 04/25/2007 page16)