By Pierre Bertrand

Siemens extended the contract of Chief Executive Officer Roland Busch for a further five years.

Busch's contract extension is effective as of April 1, 2025, the German technology conglomerate said.

Busch took the helm of Siemens in February 2021, when markets were still reeling from the effects of the Covid-19 pandemic. Under his leadership the company continued its development of digitalization, automation and sustainability offerings as growth engines for the group.

Siemens said its extension of Busch's contract demonstrates its confidence in his leadership and in the trajectory of the company.

In fiscal 2022, it achieved a record 10.3 billion euros ($11.2 billion) profit at its industrial businesses, compared with EUR8.8 billion in fiscal 2021. That record was exceeded in fiscal 2023 when the company reported EUR11.4 billion in industrial business profit.

"Siemens has the right strategy and the right leadership team to support future growth and success," Supervisory Board Chairman Jim Hagemann Snabe said.

In addition, Siemens said it would extend by five years the contract of Cedrik Neike, who heads the company's digital industries business, from June 2025.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

04-09-24 0439ET