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Siemens AG, one of Germany''s leading industrial concerns, has recently faced less successful times. This case study sets out to explore the issue as to whether or not the company has lost its way in the modern economic world. The case outlines Siemens'' development since its foundation in 1847, covering its early growth, the disruption caused by the wars, the renewed post-1945 expansion and the deterioration in the company''s fortunes since the mid 1980s. The management of the company has recently developed policies designed to restore the company to its former position. The case reviews the nature and effect of these programmes and concludes that, although there have been some signs of improvement, much remains to be done. There needs to be more evidence of a radical reorganisation of the company before we can conclude that the company is recovering its position and can no longer be charged with having lost its way.