Osram CEO Survives Clash With Biggest Shareholder Siemens
- Siemens voted against approving Olaf Berlien's Osram strategy
- Siemens's criticism of Berlien sent Osram shares soaring
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Osram Licht AG Chief Executive Officer Olaf Berlien successfully dodged an attack on his strategy from shareholder Siemens AG by securing the backing of a majority of investors in a vote that brought to a head a long-festering dispute.
Siemens used Osram’s annual meeting in Munich on Tuesday to criticize Berlien’s performance last year and push through what amounted to a vote of confidence in the executive. At the end of a six-hour gathering, 71 percent of investors said they supported Berlien’s business plan for Osram, the world’s second-biggest lighting company.