Effective as of the public listing of Osram Licht AG, Siemens will appoint new members to the Supervisory Board of the lighting company. The future Supervisory Board will include Peter Bauer, CEO of Infineon Technologies AG, and Joachim Faber, former member of the Board of Management of Allianz SE and Chairman of the Supervisory Board of Deutsche Börse AG since 2012. Siegfried Russwurm, member of the Managing Board of Siemens AG, will retain his position as Chairman of the Supervisory Board of Osram for an interim period.
As of Osram’s next regular annual shareholders’ meeting, slated to take place in February 2014, Peter Bauer will be available to serve as Chairman of the Supervisory Board and will then assume this position from Siegfried Russwurm. Peter Bauer at the Osram Capital Market Day in Munich said, “Osram is an outstanding brand in a market that is undergoing rapid technological change. I’m looking forward to contributing my experience to the work of the Supervisory Board and to cooperating closely and on a basis of trust with the Managing Board in the wake of the public listing – a time that will be exciting and important for Osram.”
In addition, the Supervisory Board of Osram Licht AG is acquiring another well-recognized executive in Joachim Faber. The financial expert is expected to provide the control body with greater expertise in financial matters and to assume the position of Chairman of the Audit Committee of the Supervisory Board.
Joe Kaeser, Chief Financial Officer of Siemens AG and member of the Siemens Managing Board with special responsibility for Osram said, “In Mr. Bauer, we’re gaining a Supervisory Board member who is highly experienced in the strategic reorganization of companies and extraordinarily knowledgeable in the relevant industries. Dr. Faber ranks among the world’s most renowned financial experts. Both appointments are an asset for the company.”
The spinoff of Osram was approved by a majority of more than 98 percent at the Annual Shareholders’ Meeting of Siemens AG in January 2013. The spinoff from Siemens AG and the ensuing public offering of Osram Licht AG are slated for July this year. In the future, shareholders and employees will be equally represented on the Supervisory Board of Osram, with each group comprising six members.