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Germany

Germany

Kaeser takes over as Siemens CEO

GERMANY: Joe Kaeser, chief financial officer at Siemens since 2006, has been chosen to replace Peter Löscher as new president and CEO of the company as of August 1.

Siemens new CEO Joe Kaeser
Siemens new CEO Joe Kaeser

Löscher resigns his position at the end of today and leaves the managing board "by mutual consent".

A new CFO will be appointed very shortly, Siemens said today.

Löscher had come under increasing pressure after announcing the second profit warning in three months last Thursday.

He conceded that the overall group profit margin of at least 12% by fiscal 2014, as aimed for in Siemens 2014 company programme, will not be achieved "mainly due to lower market expectations".

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