In the wake of its former officers' convictions for bribery, not to mention the accompanying fine, Siemens has appointed former General Electric general counsel Peter Solmssen to a new position on its executive management board. Beginning Oct. 1, Solmssen will join the German engineering company's senior management team as general counsel.
Bloomberg adds that Siemens also named Andreas Pohlmann its new chief compliance officer, and that all company audit functions will be rolled into a single unit under the leadership of a chief audit officer, who will report to CFO Joe Kaeser.
Commenting on the changes, Siemens CEO Peter Loescher says:
These decisions underscore our commitment to put Siemens in a leading position worldwide in the area of corporate governance. Bundling our legal and compliance as well as our audit processes and standardizing them worldwide will make our company more transparent and less complex.