off-the-wire

UPDATE 1-Siemens supervisory board chairman Snabe will not extend tenure beyond 2025 - source

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds corporate governance rules, details from press report, Siemens comment) FRANKFURT, Feb 23 (Reuters) - Siemens supervisory board chairman Jim Hagemann Snabe will not extend his tenure beyond 2025, a source close to the matter told Reuters on Thursday.


The 57-year-old Dane, who has headed the supervisory board for five years, does not want to run again at the annual general meeting, the source said. According to the rules for good corporate governance, after twelve years as a member of the supervisory board, one is no longer considered independent from the company.


German publication "WirtschaftsWoche" first reported on Snabe's plans. A spokesman for Siemens declined to comment. According to the magazine's report, Thyssenkrupp boss Martina Merz and former CEO of Adidas Kasper Rorsted are possible successors. (Reporting by Alexander Huebner, writing by Emma-Victoria Farr, editing by Thomas Escritt)

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