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.
"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.
SI shares moved little on the news, dropping about 1% by 2:40 p.m. today.