READERS keeping a close eye on the financial press would not have been surprised by Andrew Saxe’s warning last month (RG 8.98 p541) about losses at Siemens Verkehrstechnik. It seemed that change was inevitable, and the August announcement that Dr Wolfram Martinsen will leave the post of President of the Transportation Systems Group on September 1 was predictable. He will leave the group a month later to pursue other interests (p572).
Martinsen’s successor Herbert Steffen and his management team will need to address quickly the legacy of losses in line with a 10-point restructuring plan outlined by group chairman Heinrich von Pierer in July. It is not clear whether the transport business will be up for sale or disposal, but investors are expecting some firm ideas in November about what the restructuring programme will include. o