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.

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.