The FINANCIAL — The Nominating Committee of the Supervisory Board of Siemens AG has recommended Jim Hagemann Snabe for the office of Supervisory Board Chairman.
Siemens’ Supervisory Board unanimously endorsed this recommendation at its meeting on Tuesday. The regular elections to Siemens’ Supervisory Board will take place at the company’s Annual Shareholders’ Meeting on January 31, 2018. Mr. Snabe is to be elected Chairman at the Supervisory Board’s constitutive meeting immediately thereafter, according to Siemens.
“Digitalization poses major challenges for society and for companies. With its magnificent, innovative products, Siemens is very successful in today’s market. However, the digitalization transformation is also changing our business. Mr. Snabe has in-depth industry expertise in software and digitalization. This recommendation sets the course for long-term succession planning and continuity in Siemens’ Supervisory Board,” said Gerhard Cromme, Chairman of the Supervisory Board of Siemens AG, whose mandate will expire at the end of the 2018 Annual Shareholders’ Meeting.
To ensure that he will have sufficient time for his duties as Siemens’ Supervisory Board Chairman, Snabe intends to reduce the number of his supervisory board positions by the Annual Shareholders’ Meeting in 2018.
“I’m pleased by the recommendation and the trust shown in me by my Supervisory Board colleagues. To help shape the future of Siemens and to continue the successful cooperation in the Supervisory Board in this new position will be a great responsibility,” said Snabe.