Siemens to Replace CEO as Loescher Fails to Emulate Peers
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When in May 2007 Siemens AG, battered by corruption scandals, picked then little-known Merck & Co. executive Peter Loescher as its chief executive officer, investors responded by pushing the stock to a six-year high.
This weekend, they lost patience after Loescher’s expansion into green energy and expensive acquisitions led to a fifth profit-forecast cut. Supervisory board officials have asked for the 55-year-old Austrian native to be ousted at what was a previously scheduled meeting to sign off on results on July 31.