Siemens Shakeup Eliminates Infrastructure & Cities (I&C) Division
Siemens’ new Chief Executive Joe Kaeseris is returning more power to lower-level managers around the world with the aim of making the engineering group more nimble.
The company, Germany’s second-biggest by market value, said in a statement on Thursday it was doing away with a level of regional management it calls “clusters”, introduced by former chief executive Peter Loescher in 2008, to return to a flatter hierarchy and make it easier to take quick decisions.
A German magazine earlier reported CEO Kaeser was also planning a major corporate revamp that would see him dismantle the Infrastructure & Cities (I&C) division and review the other three main businesses.
Read more via Reuters