Nestlé's ex-chief executive, Schneider, assumes leadership role on the board.
Rewritten Article:
Mark Schneider, the ex-CEO of Nestlé and Fresenius, is slated to take over as the chairman of Siemens' supervisory board within the next two years at most. The tech titan based in Munich announced Schneider's nomination to their supervisory board on Wednesday, with an initial four-year term to be confirmed in February. Jim Hagemann Snabe (59), who's been on the board for nearly 12 years and is now deemed non-independent, plans to extend his tenure until 2027.
"Given Schneider's nomination, we've got ample time to ensure a smooth transition," Snabe told Reuters. "Understanding a company like Siemens takes time," he added, noting that he's known Schneider for quite a while and had discussions about the supervisory board mandate even when Schneider was still leading Nestlé.
Schneider parted ways with the world's largest food company in August after nearly eight years. High prices had hampered growth, causing a loss of investor confidence in the company and Schneder himself. In 2017, Schneider, a long-time CEO of healthcare giant Fresenius, became the first outsider in almost a century to head the maker of "Nespresso," "Maggi," and "KitKat." During his tenure, he transformed Nestlé through strategic acquisitions and a focus on faster-growing and healthier food sectors.
Former Thyssenkrupp CEO Martina Merz is vacating her position on the Siemens supervisory board to accept another supervisory board post, Siemens communicated. Werner Brandt's term will be prolonged by four years until 2029 to prevent both the chairman of the supervisory board and the chairman of the audit committee from changing simultaneously.
Critics often disapprove of tenures exceeding twelve years, but Snabe has only received positive feedback regarding his planned extension. "Regarding my continuation, I've conversed with investors and proxy advisors. I haven't found anyone who sees this as problematic," Snabe stated.
Siemens intends to hold their annual general meeting on February 13, 2025, in a virtual format. However, Snabe is open to criticism of virtual shareholder meetings: "For 'run-of-the-mill' annual meetings, the virtual format is more efficient. But if there were contentious matters to discuss – like the spin-off of Siemens Energy a few years ago – we'd lean towards an in-person annual meeting."
This article was compiled using publicly available information and does not represent official statements or updates from Siemens. For specific and current information, please refer to official announcements from Siemens.
Schneider's extensive business leadership experience, having previously served as CEO of Nestlé and Fresenius, will undoubtedly bring a unique perspective to Siemens' finance and strategic decision-making, given his success in transforming Nestlé through strategic acquisitions and a focus on healthier food sectors.
With Schneider's nomination as chairman of Siemens' supervisory board and Jim Hagemann Snabe's planned extension, there will be a joint leadership that combines years of experience and industry knowledge, ensuring a stable and prosperous future for Siemens' financial and business endeavors.
