Siemens Shakes Up Board

German industrial conglomerate Siemens has announced changes to its management team after two senior executives said they did not want to extend their contracts.

The company said Heinz-Joachim Neubuerger will step down as chief financial officer on May 1, to be replaced by Joe Kaeser, who is currently chief strategy officer.

Meanwhile, chief technology officer Claus Weyrich will step down Oct. 1, to be replaced by Hermann Requardt, currently a member of the group board of medical solutions.

The company said Neubuerger will continue to act as an adviser, but did not expand on why he and Weyrich decided not to extend their contracts.

The reshuffle is the first major management change since Klaus Kleinfeld became the group’s CEO in 2005.