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After 12 years at the helm of affairs of Siemens AG, Heinrich von Pierer, who was considered one of Germany''s top managers and was credited with transforming the 157-year-old electronics and electrical engineering conglomerate into a powerful global player, stepped down from the Chief Executive position in January 2005. In place of von Pierer, Klaus Kleinfeld, CEO (Chief Executive Officer) of Siemens'' US unit, was appointed as the new CEO of the company. Though the company was in a good financial state, some of its prominent business units like the mobile handset unit and Siemens Transportation Systems were incurring heavy losses. This case offers scope to comprehend the leadership styles of Heinrich von Pierer and Klaus Kleinfeld. The case study, while portraying the challenges ahead for Klaus Kleinfeld, offers scope to discuss the approach to be adopted by Kleinfeld in managing the German engineering giant: the ''American'' approach that he successfully applied to turn around the conglomerate''s US operations or the consensus-driven German management style. A structured assignment ''305-197-4'' is available to accompany this case.