By Kim Richters

Siemens AG (SIE.XE) said Wednesday that it has appointed Horst J. Kayser as new chairman of its division Siemens Portfolio Companies.

The German engineering conglomerate said that Mr. Kayser will take on the new role as of Jan. 1 next year and in addition to its current role as Head of Strategy of Siemens group.

"In his future role, Kayser is to continue the ongoing strategic development of the Portfolio Companies and make them more profitable," the company said, adding that it aims to make the businesses leaders in their respective markets.

Mr. Kayser will replace Jochen Eickholt, who will become a member of the future executive board of Siemens's energy business, which it is in the process of spinning off.

Siemens Portfolio Companies is the conglomerate's division, which includes several business units such as Siemens Logistics and Commercial Vehicles and had a total revenue of around 5 billion euros ($5.54 billion) in fiscal 2019.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 11, 2019 05:50 ET (10:50 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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