Siemens appoints finance chief Kaeser as CEO | Inquirer Business

Siemens appoints finance chief Kaeser as CEO

/ 06:23 PM July 31, 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.”

ADVERTISEMENT

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.”

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Siemens

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.