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General Electric Co
Siemens AG (SIE) named Juergen Wilder as head of its high-speed train unit, replacing Ansgar Brockmeyer, after Europe’s largest engineering company was hit by charges for the delayed delivery of trains.
Wilder will take over tomorrow, Henning Wulf, a spokesman for Munich-based Siemens, said via phone, confirming a report in Handelsblatt newspaper. Wilder is currently strategy head of the company’ infrastructure and cities unit.
Siemens booked 116 million euros ($157 million) in charges in the three months through December for delays to a high-speed train order from Deutsche Bahn AG. Roland Busch, the head of the infrastructure and cities division, said last week that the train charges are the main reason why the profitability of his sector didn’t improve in the quarter.
The spokesman declined to comment on the reasons for Brockmeyer’s change of position, adding that Siemens doesn’t make personnel decisions based on single projects.
Siemens’ profitability has trailed that at competitors General Electric Co. (GE) and ABB Ltd. (ABBN) for six consecutive quarters. Siemens rose 11 percent in 2012, while Germany’s benchmark DAX index gained 29 percent. General Electric increased 17 percent, while Swiss rival ABB added 6.1 percent
Today, Siemens dropped 0.5 percent to 80.96 euros in Frankfurt trading as of 9:41 a.m., valuing the company at 71.4 billion euros.
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