FRANKFURT, Germany (AP) Siemens is appointing the co-CEO of business software maker SAP to its board of directors.
Jim Hagemann Snabe will replace Josef Ackermann, who resigned. Snabe has said he is leaving his post as co-CEO of SAP AG next year and moving to that company's board of directors.
Former Deutsche Bank CEO Ackermann left the Siemens AG board last week, citing "questions of style and fairness" in the company's dealings after the board removed CEO Peter Loescher. Media reports said Ackermann had opposed the board's decision to replace Loescher with Chief Financial Officer Joe Kaeser after Siemens missed several profit targets.
Siemens on Wednesday also named Ralf Thomas to succeed Kaeser as finance chief. Thomas has done the same job with the company's industry division.
