Siemens AG (SIE)’s new Chief Executive Officer Joe Kaeser has plans to eliminate over 15000 jobs. The company has already been undertaking job cuts and certail realignment in its businesses following the “Siemens 2014” efficiency program, however it seems that the number of planned cuts have swelled after Joe Kaeser stepping in the CEO’s role.
The job cuts are directed at boosting the groups earnings and represent about 4 percent of Siemens global workforce. Joe Kaeser was promoted to lead the company earlier in August, after the exit of his predecessor Peter Loescher – who lost his job following an announcement that the company would not meet its profit objectives. It is understood that most of these job cuts would be in Germany.