Even Joe Kaeser hasn’t performed miracles as chief executive officer at Siemens.
A year has passed since Peter Loescher was ousted from leadership of the German industrial giant after a series of setbacks and sagging market value. Mr. Kaeser, then chief financial officer, moved to the top after letting it be known that he could do the job better.
In Siemens’ 167-year history, 12 months is a brief moment. But in the short-lived, quarterly-driven stock-market world, it’s a long time. And the financial results that the new chief executive presented on Thursday looked decidedly better than those of his predecessor.
No growth and lagging profits are again the problems. Under Mr. Kaeser, Siemens still trails the profitability of its biggest competitors – above all, arch-rival General Electric.