Thursday, October 3, 2013

Siemens lays off 15,000—this is what happens when you put a CFO in charge - Quartz

Siemens lays off 15,000—this is what happens when you put a CFO in charge - Quartz:
Promoting the chief financial officer to a company’s highest office is a tried and trusted move when the chips are down. The former finance chief, a Siemens lifer with 33 years of service at the group, is the quintessential safe pair of hands. Shortly after his appointment, an asset manager who owns Siemens shares told Bloomberg as much: “I want less vision and more concentration on profit. Kaeser is a numbers man, which is a positive.”
Less vision and more concentration on [short-term] profit? Not surprised to hear it from an "asset manager". So, what happens is not just putting a CFO in charge, is more that whoever in charge is working for the fund managers not the customers or employers. Is this capitalism or anti-capitalism?

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