Siemens supervisory board employee reps against further splitting-up By Reuters

Siemens supervisory board employee reps against further splitting-up

Stock Markets Aug 03, 2022 06:50AM ET

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Siemens supervisory board employee reps against further splitting-up

© Reuters. The logo of German multinational conglomerate corporation Siemens AG is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren

BERLIN (Reuters) - Siemens' new supervisory board is committed to doing away with the portfolio policy of the past, said influential employee representatives on the board, who added that they were opposed to further splitting up the German industrial group.

Siemens AG (OTC:SIEGY), Siemens Mobility, and the majority stake in Siemens Healthineers are "the core of Siemens, that's non-negotiable", said Juergen Kerner, an IG Metall board member who is also a supervisory board member, at a press event late on Tuesday.

Joe Kaeser, predecessor of Siemens boss Roland Busch, had split off the energy technology division Siemens Energy and brought Siemens Healthineers on the stock exchange.

There will always be minor portfolio changes within the divisions, said Kerner. "That's always been the case at Siemens. We don't oppose change. It just can't be a one-way street."

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