(Reuters) - Former Nestle and Fresenius SE CEO Mark Schneider could succeed Jim Hagemann Snabe as chairman of the supervisory board of Siemens by 2027 at the latest, Siemens said on Wednesday, proposing Schneider's election.

"If I am fortunate to be re-elected as Chair in February 2025, I plan to manage a transition within the next two years," current chairman Snabe said in a statement.

"I made a commitment to effectively manage my own succession and with Mark, we have an excellent candidate," he added.

Schneider left Nestle in August when he was replaced as CEO after nearly eight years.

Siemens' annual general meeting, at which voting for the supervisory board position will be held, is set for February 13 2025.

Siemens also proposed a dividend of 5.20 euros, up from 4.70 euros in the year prior.