Siemens CEO Kaeser Cuts 15,000 Jobs to Catch Up With GE
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Siemens AG’s new Chief Executive Officer Joe Kaeser is widening job cuts from an initial plan after the failure to catch up in profitability with rivals General Electric Co. and ABB Ltd. cost his predecessor the job.
The company will eliminate 15,000 posts, representing 4 percent of its 370,000 workers worldwide, and a third of the reduction will come in the German home market, Oliver Santen, a Siemens spokesman, said by phone yesterday. He declined to give more regional details. Siemens, Europe’s largest engineering company, had first projected some 8,000 job cuts globally, a person familiar with the program told Bloomberg in October 2012.