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Germany

Germany

Siemens set to replace CEO Loescher

GERMANY: Siemens is set to replace its chief executive Peter Loescher following a series of profit warnings for the company.

Heading for the exit? Siemens CEO Peter Loescher
Heading for the exit? Siemens CEO Peter Loescher

According to a company statement, released on Saturday, Loescher's future would be decided by the supervisory board on Wednesday. It also said a replacement would be named at the same meeting.

Reports suggestion Siemens CFO Joe Kaeser is set to replace Loescher, who has been Siemens CEO since 2007.

The statement said the Wednesday meeting would "decide on the early departure of the president and CEO".

Last week, Siemens issued another profit warning, the second in three months. It said it would be unable "to achieve a total sectors profit margin of at least 12% by fiscal 2014".

May's Q2 figures revealed Siemens profits had more than halved at Siemens' wind turbine business despite key European offshore deals that had helped the firm record a major boost in orders.

Wind revenue for January to March — the second quarter of Siemens' current financial year — was EUR 1,046 million, down 19% from the same period last year. This was largely due to a decline in the US market.

Profits, meanwhile, were EUR 53 million, 59% lower than the profits of EUR 130 million recorded in Q2 2012.

Earlier this month, Siemens Wind Power CEO Felix Ferlemann left the company after less than three years in the role.

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