Shuffle at the top: Siemens CEO on the way out

July 29, 2013 by Sony Salzman

In a surprise Saturday announcement, the Siemens board of directors said it will finalize CEO Peter Loescher's "early departure" at the board meeting on Wednesday.

Diabetes: Nova Biomedical recalls glucose test strips on abnormally high test results

Siemens (NYSE:SI)  CEO Peter Loescher may be booted from the corner office, according to a surprise weekend announcement from the healthcare giant's board of directors.

Loescher's pending departure, which comes 4 years before the end of his contract, will likely be finalized at Wednesday's board meeting, according to company reports. The shift follows several missed earnings reports and a profit warning letter to investors last week.

Sign up to get our free newsletters delivered right to your inbox.

"At its meeting on July 31, 2013, the Supervisory Board of Siemens AG will decide on the early departure of the President & CEO," read the Saturday board announcement. "In addition, it will decide on the appointment of a member of the managing board as President & CEO."

CFO Joe Kaeser is expected to take over as CEO, according inside sources speaking to The Wall Street Journal and Reuters.

Austrian-born Loescher took the helm 6 years ago in the wake of the Munich-based healthcare company's massive bribery and corruption scandal.

Comments