Wednesday, July 31, 2013

Mustache-less Kaeser expected to restore calm at Siemens (SI)

The U.S.-traded ADR's are up 3.6% at $110.36.
From the Financial Times:
Siemens’ Kremlinologists looking for the moment when chief executive Peter Löscher’s star began to wane, and another began its ascendancy, point to a press conference in Berlin in November.

On that occasion, Siemens’ chief executive unveiled a €6bn cost-cutting plan accompanied by an ambitious and ultimately unsuccessful target to raise profit margins by 2.5 percentage points by 2014.

Joe Kaeser, then chief financial officer, caused a minor furore by arriving at the Berlin press event minus his trademark moustache.
When asked by the Financial Times about the makeover, he said that if the capital markets wished to interpret the move as a sign of a new beginning at Siemens, this was in the company’s best interests.

Appearing at a hurriedly scheduled press conference in Munich on Wednesday a clean-shaven Mr Kaeser again spoke of a new “beginning”. However, this time he was without Mr Löscher who he replaced as chief executive following a supervisory board vote earlier that day.

Mr Kaeser’s enjoyment of the limelight, straight talking and grasp of granular detail have long caused him to be seen as a possible Siemens chief executive-in-waiting....MORE
This Can't be Good: "Siemens Warns on Profit Margin" (SI)
Siemens Board to Meet This Weekend to Discuss Leadership (SI)
Siemens to replace CEO Peter Löscher (SI)
"In leaving, Siemens CEO seeks to take down chairman" and Analysts See Upside (SI)

That concludes our short term (5 day) interest in German mustaches. Still beard-curious.