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To: smolejv@gmx.net who wrote (44616)	1/14/2004 1:49:09 PM
From: elmatador	Read Replies (3) \| Respond to of 74559

Vote von Pierer (While the Fastows are taken to jail...) Siemens' respected CEO has transformed the company, says Peter Marsh Published: January 14 2004 13:23 \| Last Updated: January 14 2004 13:23 Heinrich von Pierer's ability to sharpen decision-making and boost profits at Siemens while maintaining old-style Germanic values such as worker consultation make him a strong candidate for the most influential European business figure of the past 25 years. At a time when other large industrial businesses have been attracting negative publicity, either because of corporate scandals or tumbling profits, Siemens in the past two years has been steering a steady course. This is how Mr von Pierer - chief executive of the world's sixth biggest manufacturer since 1992 - likes it. He reckons the group's conglomerate status, mocked by many analysts in the mid-1990s as being woefully old-fashioned, has worked well as a defence against downturns in specific business sectors. He believes that the 156-year-old group has been able to perform well in most of its key divisions by blending new ideas, for instance in software, with some of the traditional industrial disciplines that it is mainly concerned with. He also believes that continuing to consult workers at a local level has been a source of strength. Mr von Pierer, 62, joined Siemens as a lawyer in 1969. He is given credit for having introduced new management disciplines while at the same time improving the company's previously lacklustre record on innovation. Hard decisions have had to be taken during his time at the helm: Mr von Pierer has steered the group through a cost-cutting programme involving 35,000 job cuts over the past two years. Though a painful process, the benefits have shown through with Siemens last year generating net income of €2.4bn on sales of €74bn. The group now has 417,000 employees - more than half of whom are based outside Germany, which accounts for less than a quarter of revenues.