Home / / Siemens boss to step down: report

Siemens boss to step down: report

Peter Loescher’s exit prompted by repeated profit warnings

Siemens boss to step down: report
Loescher’s departure is expected to be confirmed on 31 July by a meeting of the company’s supervisory board.

Peter Loescher, Siemens' first chief executive appointed as an outsider, is to step down four years before his contract is due to expire, Reuters reported.

The announcement follows the German engineering company's second profit warning this year and yesterday it confirmed that a supervisory board meeting on 31 July would approve Loescher's exit.

Insiders told Reuters that the majority of the supervisory board would back CFO Joe Kaeser as Loescher's successor.

Loescher joined Siemens in 2007 the company was reeling from a bribery scandal. He was seen as a potential saviour for corporate credibility and finances. But in May 2013 Germany saw its biggest decline in exports since 2009, while Loescher had already been forced to change his strategy from one of pushing sales to one of building cash reserves.

Siemens is expected to announce its third-quarter results on Thursday.

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