Word: pierer
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Dates: during 2007-2007
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...Kleinfeld has never been implicated in anything illegal, key directors on the supervisory board that oversees management felt a clean sweep at the top was necessary to restore the company's credibility. Kleinfeld's future took a dismal turn on April 19, when his predecessor and mentor, Heinrich Von Pierer, most recently the chairman of the supervisory board and under whose watch the alleged crimes occurred, resigned under pressure. The board then took off the table discussions to extend Kleinfeld's contract, which is due to expire in September, until it had a better idea of where the investigation...
...loss for Siemens--and bitterly ironic in that Kleinfeld had acted boldly not only in responding to the investigation but also in separating Siemens' culture and strategy from that of Von Pierer's. Kleinfeld appointed the law firm Debevoise & Plimpton LLP to do a complete audit of the company, and another heavyweight, Davis Polk & Wardell, as corporate counsel. He named Daniel Noa, a former German prosecutor, as the company's new chief compliance officer (CCO) and hired Michael Hershman, a former U.S. military intelligence officer and one of the founders of anticorruption watchdog Transparency International, as a compliance consultant...