Siemens appoints finance chief Kaeser as CEO

Associated Press

6:23 pm | Wednesday, July 31st, 2013

Former CFO turned CEO of Siemens AG Joe Kaeser. AP

BERLIN — Siemens AG has appointed longtime finance chief Joe Kaeser as its new chief executive, replacing Peter Loescher after a series of missed profit targets at the German industrial conglomerate.

Siemens said its supervisory board unanimously chose the 56-year-old Kaeser on Wednesday. It said a new chief financial officer will be appointed “in due course.”

The company says Loescher would leave the board “by mutual agreement.” The company had announced on Saturday night that the supervisory board would meet Wednesday to decide on his departure.

On Monday, in an apparent sign of concern over media reports of infighting, a spokesman for Chancellor Angela Merkel said the German leader considered it important for the company — a German industrial heavyweight — return to “calm waters.”

Follow Us

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://business.inquirer.net/?p=135807

Tags: Joe Kaeser , Peter Loescher , Siemens

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

seo tools