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So did the markets view his presence as the bottleneck to Siemens’ growth – as a wall, which had stood for 14 years (since he took over as CEO & President in 1992 and then moved on to become Chairman)? Justifying the stock value appreciation, Prof. R. E. Freeman, Academic Director, Business Roundtable Institute for Corporate Ethics told exclusively to B&E, “People in the market may be reading this as an initial indicator that the company is taking actions to move beyond the scandals and is serious about reform.” In his defence, the 66-year-old von Pierer – who is on the Supervisory Board of Bayer, Deutsche Bank and Volkswagen and advisor to the German Chancellor Angela Merkel – denied any part in this foul-play.
A Law & Economics graduate from Erlangen-Nuremberg University, Pierer joined Siemens in 1969 in the Finance department. The year 1977 saw him move to its power subsidiary, Kraft werk Union AG and become its President in 1989. Three years hence, he succeeded Karlheinz Kaske and became CEO, Siemens AG – a post he held till January 2005. He is married to Annette & deserves credit for initiating Siemens’ entry into emerging markets like China & India. Describing the current scenario, he stated, “Siemens had run into a difficult situation due to in-part apparent & in-part alleged misconduct of managers & employees.”
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative