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4-Traders Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

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Siemens hires Cisco manager to add high-tech acumen to board

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11/30/2016 | 05:12pm CET
The company logo of Siemens is seen at an office building in Zug

Siemens said it was hiring Cedrik Neike, currently a manager at Cisco Systems, in a board reshuffle that underscores its bet on electrification, automation and the use of technology in the industrial world.

Neike, 43, will take over responsibility for the Asia/Australia business at Siemens and its Energy Management division from board member Roland Busch, 52, on April 1, Siemens said on Wednesday.

Siemens also confirmed it was re-hiring Michael Sen, finance chief of utility E.ON, to head its healthcare business just over a year after he left the engineering group.

Sen will assume his new role on April 1, taking over some responsibilities from Siegfried Russwurm, who said two months ago that he would not extend his contract beyond March. Russwurm's duties as chief technology officer will be taken on by Busch.

Siemens is planning a separate listing of the healthcare business.

Siemens and its rivals are gearing up for technical advances in industry by buying software and automation firms and hiring tech-savvy managers.

Switzerland's ABB for instance recently appointed its first chief digital officer to step up its efforts in digital technology and the internet of things.

Siemens management board member Lisa Davis is taking over responsibility for Siemens's operations in the United States in addition to her existing duties. Eric Spiegel, the current chief executive of Siemens Corporation, USA, will leave the company, Siemens said.

(Reporting by Maria Sheahan; Editing by Edward Taylor/Keith Weir)

Stocks treated in this article : Cisco Systems, Inc., Siemens AG, E.ON SE
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Financials (€)
Sales 2017 83 452 M
EBIT 2017 8 421 M
Net income 2017 5 826 M
Debt 2017 16 899 M
Yield 2017 3,58%
P/E ratio 2017 14,51
P/E ratio 2018 13,41
EV / Sales 2017 1,28x
EV / Sales 2018 1,21x
Capitalization 89 930 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 115 €
Spread / Average Target 8,6%
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Managers
NameTitle
Josef Kaeser President & Chief Executive Officer
Gerhard Cromme Chairman-Supervisory Board
Ralf Peter Thomas Chief Financial Officer
Siegfried Russwurm Chief Technology Officer
Helmuth Ludwig Chief Information Officer
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