Kaeser set to replace Loescher at Siemens

The CEO of Siemens (NYSE: SI), Peter Loescher, is set to be replaced following disappointing results under his tenure, according to media reports.

Since Loescher took over in July 2007, the company’s shares have declined by 22 per cent.

Siemens
The company’s supervisory board officials have called for Mr Loescher to be replaced and it looks likely that company veteran Joe Kaeser will be appointed in his place, according to Bloomberg, which also reports that failure to meet a profit goal of 12 per cent of sales cost 55 year-old Loescher his job.

Chief Financial Officer Kaeser is to be officially appointed on Wednesday.

For more power personnel news



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...