Nilay Patel

I was reading your last letter to shareholders.

You were talking about how you divested portfolio companies where you weren't the best owner.

You're exiting some businesses.

You're obviously investing in others.

How is Siemens organized today?

How is the company structured?

That's a lot of people.

Let me ask you that split between regions.

I think a theme on Decoder recently that you are just a part of this trend is a lot of these companies are a lot bigger than people think.

You described divisions, you described regions.

Those are both potentially first order organizations for companies, right?

I talked to lots of CEOs and regions is just the first order organization.

Other companies are divisions.

You have both.

How do those interact?

I ask everybody on Decoder how the businesses are structured, and the joke I always make is if you tell me how the company is structured, I can tell you 80% of your problems.

But in the case of Siemens, it seems like I'm still trying to figure it all out to even get to where the problems are.

When you think about that organization and you describe things like a common platform or shared innovation across these zones or the investments you need to make in AI,

A lot of your competitors, they're new.

They're essentially functionally organized.