When in May 2007 Siemens AG, battered by corruption scandals, picked then little-known Merck & Co. executive Peter Loescher as its chief executive officer, investors responded by pushing the stock to a six-year high.
Siemens AG’s supervisory board members will meet this weekend to discuss the leadership of Europe’s largest engineering company as investors and analysts question how long Chief Executive Officer Peter Loescher can keep his job.
Siemens AG Chief Executive Officer Peter Loescher needed three years to lift profitability of Europe’s largest engineering company past rivals. More advances are likely to come, Morgan Stanley analyst Ben Uglow said.
Siemens AG unveiled a 6 billion-euro ($7.7 billion) efficiency push to help get Europe’s largest engineering company back to last year’s profitability, acknowledging that it was slow to react to shrinking demand.