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Siemens CEO is ousted and succeeded by CFO

31 July, 2013

Siemens' chief executive Peter Löscher has resigned “by mutual consent” and been replaced as president and CEO by the company’s chief financial officer, Joe Kaeser. The changes take effect from 1 August, 2013.

Löscher, who took office in July 2007, is leaving four years before the end of his contract. The company has recently issued its second profit warning for 2013 and has lowered its forecast profit margin by 2014 from at least 12% to 9.5%.

In a resignation statement, Löscher said that “during the past week, I came to the conclusion that the foundation of trust necessary for me to remain was lacking… The good of the company takes precedence over the interests of any individual, including me.

“It would be disastrous for the company's future, and for its employees, if its progress in setting a new course, resolving past mistakes, returning to profitable growth, and creating a new company culture, were jeopardised by this lack of trust,” he added.

According to the new CEO, Joe Kaeser, Siemens “is certainly not in crisis, nor is it in need of major restructuring. However, we've been too preoccupied with ourselves lately and have lost some of our profit momentum vis-à-vis our competitors. My declared aim is to put Siemens back on an even keel and create a high-performance team. Because as a team we're hard to beat.

Kaeser: Siemens is not in crisis

“By the fall,” he continued, “the Siemens team will provide information on the further refinement of our company programme and address the medium-term prospects and our vision for the company. You'll see: there'll also be a Siemens after 2014.”

Löscher will assist Siemens "in the processing of open topics" until September 30, 2013. He will also perform duties, such as chairing the Board of Trustees of the Siemens Stiftung, “at the request and in the interest of the company”.




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