Siemens AG (ADR)(OTCMKTS:SIEGY) reported that Eric Spiegel, the CEO of Siemens U.S., will leave the firm at the year’s end. Lisa Davis has been appointed CEO and Chair of Siemens and Judith Marks has been appointed CEO of Siemens U.S., effective January 2017.

The highlights

On the new changes, Davis said that Spiegel has grown company’s business and furthered its reputation in the United States as a major contributor to the nation’s manufacturing, innovation and economic engines, and they thank him for their leadership. Marks has extensive knowledge of company’s entire portfolio that will help them well during transition period and also into the future.

Spiegel said that in announcing his retirement, he is extremely proud of what his team and he was able to achieve in the last 7 years for one of the globe’s leading industrial firms in Siemens’ largest market. As the new administration starts to outline their priorities, it is the right time for Davis and Marks to guide the firm’s engagement and outreach from day one.

Marks started her career at company in 2011 as CEO and President of Siemens Government Technologies, Inc. There she led the firm’s approach to the federal industry. Before Joining Siemens, she was with Lockheed Martin and its precursor firms. She will assume the role of CEO Siemens U.S. in addition to her present role as Executive VP at Dresser-Rand, a company’s business.

Marks stated that the company’s objective is to achieve what matters. It will continue setting the yardstick for automation and electrification for their clients while pushing into newest chapter where they follow the same process with digitalization. It is a firm that is uniquely efficient of offering immense value to communities and customers across the United States.

Siemens has been in the country for over 160 years and has put in capital of $35 billion in America in past 15 years. With 50,000 employees in the U.S. and nearly 75 manufacturing sites, the company in the U.S. is utilizing its international leadership in technology and engineering innovation to fulfill America’s challenges, offering solutions for utilities, cities, manufacturers, industry and hospitals.