Siemens is looking at the general meeting open struggle with CEO Olaf Berlien. The can hold in its position. Just.
The fourth speaker Christian white lead enters the lectern. The man cares for Siemens to the group’s investments. Still holding the Munich industrial enterprises 17.5 percent on its former lighting subsidiary and is by far the largest shareholder of Osram. Quick takes white lead at the meeting this Tuesday to the point. Osram CEO Olaf Berlien have his change of strategy last November destroyed market value and increases the risk profile significantly. Moreover Berlien have the Group can not be controlled with the necessary caution and circumspection, criticizes white lead and criticized the poor capital market communication of Osram.
Then comes the challenge. Surprisingly announces Bleiweiß that the former parent company will vote against the discharge of Berlien. CFO Klaus Patzak should however be confirmed. The scandal is there, in the hall, it is quiet. So Siemens dares the trial of strength, is publicly confrontational, and the shareholder meeting.
After the Siemens man Caterina Steeg’s turn, she has experienced many general meetings while spooked so many board a fright, it is considered very suit happy. But a key shareholder, who acts as an unscrupulous financial investor and tried to chase the Board from office – which also has never experienced: “After this message, I have to first of all collect.” But then she gets going, “Who the board”, she asks, is actually responsible for the dismal capital market communication? The answer: The Investor Relations department is under financier Patzak. “But why does Siemens then exonerate him?” Asks Steeg. Because Patzak is a close associate of Siemens CEO Joe Kaeser and Berlien opponents?
A promotion of Osram in the 1920s: the company was founded in 1919 and up with the light bulb and successfully.
(Photo: Osram )“I feel that as a merciless insolence “
the responses from Supervisory Board Chairman Peter Bauer and the two Osram boards fall from tight-lipped – only not provoke further. Caterina Steeg is not enough. So it rises again on the stage. As soon as they started, Patzak is on. Whether intentionally or because he simply has to go to the toilet, is not clear. Caterina Steeg annoyed anyway wildly: “I feel that as a merciless insolence,” she scolds
15:35 Finally is the result of the vote before.. Siemens has carried out his threat: With 70.7 percent Olaf Berlien is relieved by using the remaining shareholders. The confidence of Siemens he has not, the relationship between the two companies is now seriously damage. Fellow board member Patzak receives 97.3 percent.
The stock plunged after the strategy pivot from and recovered not
Beginning was the alienation of the Munich-based company months ago good three. DC four times rebuked Siemens CEO Kaeser development of Osram’s shares after the lighting company gave in mid-November, surprisingly a new orientation known. For one billion euros a LED factory in Malaysia to be built, which manufactures LEDs for the mass market. The share price was subsequently dropped by almost a third. “I was not, of course, happy that the Osram-price crashed by nearly 30 percent,” Kaeser later reported. And he added: “We need to be clear, what was the intention Osram pursued once more.” Apparently Siemens wanted to repel the participation, the plan was only times nothing.
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In the clinch: Siemens CEO Joe Kaeser …
photo: Eric Piermont / AFP
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… and Osram boss Olaf Berlien
image: Matthias Balk / dpa
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at least one employee of Siemens, however, was involved intensively in the strategy pivot: Siemens chief Roland Busch, he is Deputy Chairman of the Supervisory Board Osram. However, Bush is said to have never spoken of capital site with Siemens representatives on the redirection of Osram. “The Siemens Managing Board was not informed in advance of Osram ad hoc communication of 10 November 2015, their content or time. The strategy pivot of Osram, Siemens and the market made a sudden”, said the company already before Christmas.
Immediately after the Annual General Meeting sent Osram then a customized message: “. the implementation of the strategy in terms of the company, its employees and its clients, from the perspective of the Supervisory Board no alternative for a sustainable future of the company”, can is chairman of the board Peter Bauer quote. Full reinsurance therefore, and apparently also from the Siemens representatives in the committee. Also Bauers second substitute, IG Metall man Michael Knuth, speaks up: “I mean just that as trade unionists. I have never seen such a consensus on a decision of the supervisory board as experienced now for Osram” He now hope “that permeated the reason.” But that’s realistic? Undisputed is currently only: Berlien remains once at his post. Siemens, however, is, for the time being failed in its strategy to stage a coup to CEO from office. Siemens could now its shares in Osram sell or continue fighting. The Wirtschaftswoche scoffs at least once before: “Who has such owner, does not need more competitors.”
Siemens dispute between Siemens and ex- subsidiary Osram escalated
Siemens CEO Joe Kaeser has long been dissatisfied with the Osram strategy. Now follows the open confrontation.
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