Siemens chairman to nominate Snabe as successor

[FRANKFURT] Siemens' chairman plans to put forward ex-SAP co-Chief Executive Jim Hagemann Snabe as his successor at the company's annual shareholder meeting on Wednesday, German business monthly Manager Magazin reported.

The 51-year-old Dane was co-CEO of software giant SAP from 2010 to 2014 and has been a member of Siemens' supervisory board since 2013.

The contract of Siemens Chairman Gerhard Cromme runs until 2018. The 73-year-old former CEO and chairman of Thyssenkrupp has been criticised for not producing a succession plan in his decade in the role.

Influential board members had persuaded Cromme to nominate a successor, Manager Magazin reported, citing supervisory board sources.

Siemens declined to comment on the report.

Trains-to-turbines group Siemens is focusing increasingly on industrial software, an area in which it has partnered with SAP and will also increasingly compete with Europe's most valuable technology company.

REUTERS