(Reuters) - Former Nestle and Fresenius SE CEO Mark Schneider could succeed Jim Hagemann Snabe as chairman of the supervisory board of Siemens by 2027 at the latest, Siemens said on Wednesday, proposing Schneider's election.
"If I am fortunate to be re-elected as Chair in February 2025, I plan to manage a transition within the next two years," current chairman Snabe said in a statement.
"I made a commitment to effectively manage my own succession and with Mark, we have an excellent candidate," he added.
Schneider left Nestle in August when he was replaced as CEO after nearly eight years.
Siemens' annual general meeting, at which voting for the supervisory board position will be held, is set for February 13 2025.
Siemens also proposed a dividend of 5.20 euros, up from 4.70 euros in the year prior.
(Reporting by Alexander Huebner with Paul Arnold; Writing by Marleen Kaesebier; Editing by Madeline Chambers)
Currently, Jim Hagemann Snabe is Chairman of the Supervisory Board at Siemens AG since 2018, Vice Chairman at Urban Partners, Inc. since 2023, Chairman of the Supervisory Board at Siemens Management Consulting, Director at C3.ai, Inc. since 2021, Director at Snabe ApS, Independent Director at Bloom Energy Corp. starting 2025, Adjunct Professor at Copenhagen Business School since 2016, Trustee at Forum Mondial de L'Economie since 2019, and member of the Senior Advisory Board at Nordic Alpha Partners ApS. Formerly, Dr. Snabe was Chairman at A.P. Møller-Mærsk A from 2017 to 2022, Deputy Chairman at Bang & Olufsen A from 2014 to 2017, Chairman at Maersk A, Chairman at The World Economic Forum USA, Inc., Chairman at Telerik Denmark A, Chairman at Northvolt AB from 2022 to 2024, Vice Chairman of the Supervisory Board at Allianz SE from 2017 to 2022, Independent Director at Danske Bank A from 2013 to 2016, Independent Director at Thrane & Thrane A in 2012, Director at Maersk A, Director at Bang & Olufsen Holding A, Director at Mannaz A, and Member of the Supervisory Board at SAP SE from 2014 to 2017. Education includes an MBA (1989) and a doctorate (1990) from the University of Aarhus.
Siemens AG is one of the world's leading manufacturers of electronic and electro-technical equipments. Net sales break down by family of products as follows:
- medical equipment (29.6%): medical imaging systems, laboratory diagnostics and hearing aid systems, etc.;
- smart building and infrastructure solutions (28.7%): energy transition solutions, HVAC products (heating, ventilation and air conditioning systems), building security systems (fire detection and protection systems, access control, video surveillance and intrusion detection systems, etc.), building management systems, etc.;
- digital industrial equipment (22.1%): automated production, assembly, logistics and monitoring systems, etc.;
- mobility solutions and systems (15.8%): rail vehicles, rail automation systems, rail electrification systems, digital and cloud-based solutions, etc.
The remaining net sales (3.8%) are primarily from financial activities (leasing, equipment and project financing, financial consulting services, etc.).
Net sales are distributed geographically as follows: Germany (14.8%), Europe/Commonwealth of Independent States/Africa/Middle East (32%), the United States (28%), America (4.6%), China (9.1%), Asia and Australia (11.5%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
