It is not yet certain whether Joe Kaeser, Siemens’ chief executive, will achieve all his objectives for the current fiscal year, which ends on September 30.
To achieve his prospective return on revenue of 10 to 11 percent in the industrial business, which covers all of Siemens’ operations excluding financial services, a last-minute push will be required in the final quarter of the current fiscal year, people familiar with the matter, who declined to be named, told Handelsblatt.
Mr. Kaeser has done a great deal of restructuring since his promotion to chairman of the board from chief financial officer in August 2013. He has announced a string of acquisitions and divestments, moved the company’s energy operations to Houston, Texas, and is implementing a program to slash 12,000 jobs to save €1 billion in costs by 2016.
Mr. Kaeser’s predecessor, Peter Löscher, resigned unexpectedly in 2013 because he kept lowering his profit forecasts and was unable to turn the tide at Siemens, which has been hit by a change in energy demand in Europe.