Siemens CEO faces ousting

Michael Carroll
31 Jul 2013
00:00

The board of Siemens will today discuss whether to replace current president and chief executive Peter Löscher.

Siemens’ supervisory board is debating whether to replace Löscher with another member of the management board, in a last minute amendment to a pre-arranged meeting taking place a day before the firm reveals its fiscal 3Q14 (calendar 2Q) results.

A company statement doesn’t explain why the discussion is taking place, however the announcement comes two days after the firm issued a profit warning for fiscal 2014.

The firm revealed last week it is unlikely to achieve profit margin targets of at least 12% in its current year, blaming the majority of the miss on “lower market expectations.”

Löscher took the helm of Siemens in 2007, and has held senior management positions in a variety of companies in a career spanning nearly 30 years.

He recently oversaw the sale of the firm’s stake in Nokia Siemens Networks to Nokia.

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