FRANKFURT (Reuters) - Siemens (SIEGn.DE) said board member Roland Busch would become chairman of Siemens Alstom, a joint venture rail company created last year to better compete with the international advance of Chinese conglomerates.
Siemens and its French rival Alstom (ALSO.PA) agreed to merge their rail operations in September, in a deal which gives Siemens 50 percent plus a few shares of the joint venture, while Alstom provides Henri Poupart-Lafarge as chief executive.
On Friday Siemens said Busch will serve as chairman of the combined entity’s board of directors while Yann Delabriere, who is currently lead director of Alstom’s Board, would be appointed as vice chairman.
The board of directors of the combined company will consist of 11 members, six of whom – including the chairman – are to be appointed by Siemens, the German company said. Four independent members and the CEO will complete the board.
The deal is expected to close at the end of this year and new group will be headquartered in Saint-Ouen, France, and continue to be listed on the Paris stock exchange.
Reporting by Edward Taylor; Editing by Susan Fenton