Peter Lischer, thefirst outsider to become chief executive of Siemens, one of the world's biggestelectrical-engineering firms, spent his first three months at the firmtravelling and listening. Then on October 4th he announced plans to centralisethe conglomerate, reduce its nine divisions to three and downsize its 11-manexecutive board, which would truncate the power of the company'sregional bosses. On the same day Siemens accepted a 201m ($285m) fine imposedby a court in Munichfor bribery by its communications division, forgoing the right toappeal.
Thecoincidence could mark a turning point in attempts to change the firm's cultureand put past scandals behind it. Last November police raided Siemens'soffices, starting a scourge on bribery which so far has cost the companyits chairman, its chief executive, another board member and its chiefcompliance officer, as well as at least 239m in fines and 179m in taxliabilities (the bribes had been deducted). What is more, in thenine months to June 30th alone, the bill for legal expenses and external advicecame to 188m.
Theaffair has cost a great deal of management time too. Debevoise & Plimpton,an American law firm, and forensic auditors from Deloitte are still scouringthe company for evidence of more irregularities. InAmericathe Department of Justicehas two investigations running, and the Securities & Exchange Commission (SEC) is also examining claims of corruption. Legalproceedings in America alone could cost Siemens billions of dollars, sayanalysts, although Siemens argues in its most recent quarterly filing with the SEC that its “consolidated financial position should not bematerially affected” by the welter of litigation.
Analystsare confident that Siemens will not only survive but benefit from all theupheaval. “Comparable American companies have gone through this, so have AlstominFranceand ABB inSweden,and they have emerged stronger and better run,” says James Stettler of DresdnerKleinwort, an investment bank.
The threedivisions Mr L?scher has unveiled are energy products (such as power turbinesand transmission equipment), infrastructure (such as factories and trains) andhealth care (such as MRI scanners and other clevermedical kit). That does not necessarily mean Mr L?scher will sell thebusinesses that do not fit, such as Osram, a maker of light bulbs, BSH, a joint venture with Bosch in household appliances, andNokia Siemens Networks, recently formed to build telecom infrastructure.
Thecompany's supervisory board will vet the changes on November 28th. MrL?scher may have most difficulty winning approval for those that will affectworkers inGermany,whose representatives make up half the membership of the 20-strong supervisoryboard. If he gets his way, however, Mr L?scher's next proposal may be toregister Siemens as a Societas Europaea (SE) insteadof as a German joint-stock company (AG). That wouldentail a slimmer supervisory board with reduced representation for Germanworkers, but would give a voice to employees abroad. Other icons of Germanbusiness, most notably Siemens's Munichneighbour, Allianz, a big insurer, have already made the switch. Mr L?scher is chummywith Paul Achleitner, a member of Allianz's board and a fellow Austrian, withwhom he recently stayed for three months.
1. The word “forgoing” (Line 7, Paragraph 1) most probably means_____
[A] refusing.
[B] reserving.
[C] withdrawing.
[D] considering.
2. What Mr L?scher will probably do to the three divisions he has unveiled?
[A] He will transfer them to other companies.
[B] He will downsize the executive board of the three divisions.
[C] He will recombine them into large division.
[D] It is not mentioned in the passage.
3. Mr L?scher wants to register Siemens as a SE instead of an AG because_____
[A] he aims to cut the number of German representatives in the supervisory board.
[B] he seeks to centralise the conglomerate.
[C] he wants to include multiple voices of the employees so as to enhance the democracy of the decision-making.
[D] he strives to transform the company into a more international one.
4. Towards the future of Siemens, the author’s attitude can be said to be_____
[A] optimistic.
[B] pessimistic.
[C] neutral.
[D] unclear.
5. By the close relationship between Mr L?scher and Paul Achleitner, the author wants to imply that_____
[A] Siemens will gain great support from Allianz.
[B] Mr L?scher made the decision to have a change under the influence of his friend.
[C] Mr. L?scher wanted switch Siemens into an insurer in the future.
[D] Mr. L?scher greatly valued his friend’s suggestion.
[答案]
1. C
2. D
3. B
4. C
5. B
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