Outgoing Siemens CEO lost faith

Michael Carroll
05 Aug 2013

The outgoing president and chief executive of Siemens blamed a lack of trust between the firm’s board members for his decision to resign.

Peter Löscher said the level of trust between Siemens’ supervisory and management boards has broken down, and the company’s future may be at risk if he did not step down.

“The good of the company takes precedence over the interests of any individual, including me,” Löscher states. “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 jeopardized by this lack of trust.”

Löscher has been replaced by Joe Kaeser, Siemens’ chief financial officer for the past seven years. A supervisory board statement said the outgoing chief left “by mutual consent,” and it will appoint a new finance officer “very shortly.”

The change at the top came as Siemens revealed net income hit €1.09 billion ($1.45 billion) in 2Q13, up from €850 million in 2Q12. Revenue fell 2% year on year.

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