Siemens restructures healthcare business naming Bernd Montag as new chief

Tuesday, January 27, 2015

German industrial group Siemens (SIEGn.DE) announced a major reshuffle of its management board on Monday, appointing a new team to run its healthcare business and saying the chief of its struggling power and gas unit would leave this week.

Bernd Montag, currently head of imaging and therapy systems at healthcare, will replace Hermann Requardt as chief executive of the healthcare business, which Siemens is hiving off into an independent legal entity, Siemens said.

It also named Michael Sen finance chief and Michael Reitermann as a third executive board member for the unit, saying this team - all internal candidates - would lead healthcare through the transition.

"I have the greatest respect for Mr Requardt's decision to make way for a generation change," said Chief Executive Joe Kaeser, who is reshaping the company after taking over in a 2013 boardroom coup.

Siemens also said power and gas CEO Roland Fischer would leave the company at the end of January at his own request, and Lisa Davis, a group management board member with responsibility for other energy businesses, would take over in an acting capacity.

Another weak quarter of results for Siemens' power and gas division, which is suffering from global overcapacity and price pressure in turbines, is expected to drag on Siemens' overall results to be reported on Tuesday.

Siemens recruited Davis from Shell RDS.L last year to lead a push into the U.S. shale oil and gas market, including the integration of its planned $7.6 billion acquisition of oilfield equipment maker Dresser-Rand (DRC.N).