German conglomerate Siemens AG (NYSE: SI) recently formed a new division, Siemens Government Technologies, to focus on sales to the US government. The new division now has a new chairman, retired US Army four-star general Stanley McChrystal, and two additional board members, former US Army Lieutenant General John Sylvester and Robert Coutts, a retired executive who served at both Lockheed Martin Corp. (NYSE: LMT) and General Electric Co. (NYSE: GE).
McChrystal lost his Afghanistan command last year following an interview published in Rolling Stone magazine in which he and some subordinates made uncomplimentary remarks about the army’s civilian leadership, including President Obama.
According to a report in The Wall Street Journal, McChrystal and the others will do no lobbying, but will instead be part-time board members whose job it will be to ensure that Seimens follows US rules related to getting government contracts and to provide “strategic advice.”
Siemens wants to double its US government business to $2 billion by 2015. The company settled corruption charges brought against it by the US three years ago, and surely wants to scrub and polish its image with these new appointments.
Top Gaining Stocks
Top Losing Stocks