The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Siemens named its strategy chief and former Kuka CEO Horst J. Kayser as boss of its loss-making portfolio companies, the German engineering company said on Wednesday.

Kayser, 58, will replace Jochen Eickholt as chairman of the six businesses which Siemens is aiming to overhaul.

The businesses which include Siemens logistics, commercial vehicles and mechanical drives employ 21,00 people and had sales of 5 billion euros in 2019. The division narrowed its losses to 71 million euros ($78.26 million) during the 2019 financial year, from a 305 million euro loss a year earlier.

Kayser, who will report directly to Siemens deputy Chief Executive Roland Busch, will take up his new role on Jan. 1.

Eickholt is leaving to join the board of Siemens Energy, the wind and turbine business Siemens plans to spin off next year.