Reports: Siemens To Name Ralf Thomas As CFO

(RTTNews) - German conglomerate Siemens AG (SI) is set to name company insider Ralf Thomas as its new finance chief at a supervisory board meeting taking place on Tuesday, reports said. The company is also expected to appoint a new deputy chairman at the meeting.

In late July, Siemens appointed Chief Financial Officer Joe Kaeser as its new President and Chief executive, with effect from August 1, thus leaving the post of finance chief open.

Thomas is the CFO of Siemens' industry sector, the second-most profitable of the company's four divisions, and reports directly to Kaeser.

Siemens is expected to propose business software maker SAP AG (SAP)'s co-Chief Executive Officer Jim Hagemann Snabe to succeed Josef Ackermann as deputy chairman. Ackermann, formerly CEO of Deutsche Bank AG (DB), left the post following the ouster of former Siemens CEO Peter Loescher.

Last month, Ackermann also resigned as chairman of Zurich Insurance Group AG (ZURVY), following the suicide of the insurer's finance chief Pierre Wauthier.

The stock closed up 0.7 percent on Tuesday on the Xetra at 88.58 euros.