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.

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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.

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"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.