Klaus Kleinfeld

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German born Klaus Kleinfeld is Chair and CEO of Alcoa and has been on Alcoa's board since 2003. He also sits on the board of pharmaceutical company Bayer AG. He was previously CEO of Siemens from 2005-07 after 20 years with the company.[1] He is also a member of the Trilateral Commission[2] and attended the 2008 Bilderberg Conference in Chantilly.[3]

Corruption scandal at Siemens

Kleinfeld resigned from his Chairmanship of Siemens amid a corruption scandal which saw the US Department of Justice investigating the company for charges of corruption. Siemens was accused by prosecutors in Germany, Liechtenstein, Switzerland, Italy and Greece of using slush funds of €426m (£291m) to obtain foreign contracts and funding a trade union, the AUB, to counter campaigns of the IG Metall union with whom they were in dispute. Kleinfeld resigned just hours before the news broke in the media.[4]

In 2009, after a lengthy investigation, Kleinfeld and four other executives were forced to pay large compensation sums. Kleinfeld allegedly paid $2 million of the $18 million total collected from the five, though he still denied wrongdoing.[5]

Directorships and affiliations



Resources

Notes

  1. Alcoa website, Governance, Directors Klaus Kleinfeld Accessed 20/02/2012
  2. Market Watch website, Insiders Klaus Kleinfeld Accessed 20/02/2012
  3. Participants, Bilderberg Meetings, Chantilly, Virginia, USA, bilderbergmeetings.org, accessed 8 July 2010.
  4. The Guardian newspaper SEC steps up investigation into Siemens Andrew Clark, Friday 27 April 2007. Accessed 20/02/2012
  5. New York Times [http://www.nytimes.com/2009/12/03/business/global/03siemens.html Siemens to Collect Damages From Former Chiefs in Bribery Scandal CHRIS V. NICHOLSON, December 2, 2009. Accessed 20/02/2012
  6. Alcoa website, Governance, Directors Klaus Kleinfeld Accessed 20/02/2012
  7. Market Watch website, Insiders Klaus Kleinfeld Accessed 20/02/2012
  8. Participants, Bilderberg Meetings, Chantilly, Virginia, USA, bilderbergmeetings.org, accessed 8 July 2010.
  9. Business Week, People Klaus Kleinfeld Accessed 20/02/2012