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 Joe Kaeser is dismantling a sales structure set up under his predecessor Peter Loescher to enable Europe’s largest engineering company to react more quickly to market demands.
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.
As Siemens AG supervisory board representatives met over the weekend to discuss the ouster of Chief Executive Officer Peter Loescher, his successor traveled 110 miles to his home Bavarian village of Arnbruck to celebrate the arrival of a new fire truck.