Siemens to Replace CEO Loescher After Fifth Forecast Cut
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Siemens AG will replace Chief Executive Officer Peter Loescher after Europe’s biggest engineering company repeatedly missed profit targets and charges mounted for failed power and train projects.
On July 31, Siemens’s supervisory board will decide on the “early departure” of Loescher and the “appointment of a member of the managing board as President and CEO,” the Munich-based company said yesterday. Chief Financial Officer Joe Kaeser is likely to take the helm after supervisory board members met yesterday to discuss the leadership, according to three people familiar with the talks, who asked not to be identified because the decision hasn’t been confirmed.