July 31, 2013 / 12:53 PM / in 4 years

Siemens' new CEO: margin targets are not the top priority

FRANKFURT (Reuters) - The designated chief of German engineering group Siemens’ (SIEGn.DE) said his top priority will be to return order and calm to the company rather than to reach a specific margin target.

“Whether we have 12 percent or only 10 percent in the end is not the only relevant aspect. What is really important is that we close the profitability gap with competitors and that all measures are structurally goal-oriented beyond 2014,” Joe Kaeser told journalists on Wednesday.

Siemens earlier named Kaeser, who is currently Siemens’ finance chief, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a second profit warning this year.

Reporting by Maria Sheahan

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