Siemens Inks $7B Cash Deal for Energy Equipment Maker Dresser-Rand; Joe Kaeser Comments

Joe-Kaeser
Joe Kaeser Siemens has agreed to acquire rotating equipment provider Dresser-Rand (NYSE: DRC) for approximately $7.6 billion cash in a move to grow Siemens’ global oil and gas business. Joe Kaeser, president and CEO of Siemens AG, said Monday that Dresser-Rand will become “the oil and gas” company within Siemens. Siemens expects to complete the transaction by summer of 2015 and...

SAP Co-CEO Jim Hagemann Snabe Named to Siemens Board

Jim Hagenmann Snabe, co-chief executive at SAP AG (NYSE: SAP), has been appointed to the supervisory at Siemens (NYSE: SI), Bloomberg reported Wednesday. Alex Webb writes Hagemann will succeed Josef Ackermann, who resigned from the board last week. SAP will end its dual CEO structure next year with Bill McDermott serving as sole chief executive of the software developer. Ralf Thomas, formerly chief...

Executive Move- Hamid Akhavan Named CEO Siemens Enterprise Communications

Siemens Enterprise Communications has named Hamid Akhavan as chief executive officer of SEN group. Akhavan joins Siemens from Deutsche Telekom where he served as COO. Akhavan has years of experience in the communications industry, holding senior positions with Teligent, Inc., T-Mobile International and Deutsche Telekom. Joe Kaeser, CFO of Siemens AG, said “Hamid Akhavan is the ideal person for...