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| - German industrial conglomerate Siemens announced Thursday that CEO Joe Kaeser will be replaced by current deputy Roland Busch by February 2021. "Siemens is setting the course for establishing the next generation of management," the company said in a statement, announcing that 61-year-old Kaeser would not be pursuing a contract extension. Busch, 55, would take the reins as president and CEO "at the latest" at the next Annual Shareholder's meeting, scheduled for February next year, Siemens said. Busch has been a Siemens director since 2011, and has held the position of Deputy CEO since October last year. Kaeser, meanwhile, will now be appointed Chairman of the Supervisory Board at the Siemens Energy branch of the company. Siemens, which is currently going through a period of upheaval, had previously said they would not name a new CEO until the summer. Like other German industrial giants, the group has been struggling for several months against a slowing global economy, and now faces the dramatic challenge of the current coronavirus crisis. In January, the company drew the wrath of environmentalists when it decided to continue its involvement in a controversial coal-mining project in Australia, even as the country was being battered by unprecedented wildfires. kih/har
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