On Tuesday, Siemens' Supervisory Board endorsed the strategic direction adopted by the German industrial group by extending the term of office of its current CEO, Roland Busch, for a further five years.

In a press release, the governing body said it wanted to demonstrate its confidence in the company's current trajectory towards becoming a "leading technology company".

The term of office of 59-year-old CEO Roland Busch, which was due to end next year, will therefore be extended until 2030.

The supervisory board also plans to reappoint 51-year-old Cedrik Neike as head of the key Digital Industries division (automation and digitization of industry), again for a period of five years.

On the Frankfurt Stock Exchange, Siemens shares were little changed (-0.2%) on Tuesday morning following this announcement.

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