Siemens poised to axe boss Peter Loescher

Siemens chief executive Peter Loescher Siemens chief executive Peter Loescher looks set to leave the firm

Siemens looks set to axe chief executive Peter Loescher after the German industrial giant issued another profit warning last week.

The firm said that the supervisory board "will decide on the early departure of the president and CEO" on Wednesday.

It added that "it will decide on the appointment of a member of the managing board" as a replacement.

The company reports its quarterly results on Thursday.

Last week, Siemens said it said it no longer expected to reach a profit margin of at least 12% for the next financial year. Shares in the firm fell 4.5% last week.

The warning came after it lowered its targets for this year in May.

Mr Loescher, 55, has led the company since 2007 and was the first person recruited from outside the company to run the business. He is Austrian.

In an interview in a German newspaper on Saturday, before the Siemens statement was released, he insisted he wanted to stay.

"I have a contract until 2017 and Siemens more than ever needs a captain," he told Sueddeutsche Zeitung.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • Children in Africa graphicBaby steps

    Why are more children in Africa living beyond five?


  • Olive oil and olivesFood myth

    Did 1950s Britain get its olive oil from a pharmacy?


  • Rio Ferdinand and David Moyes'Playing to win'

    Memorable quotes from sporting autobiographies BBC Sport


  • Hand washing to contain Ebola in LiberiaEbola virus

    More action is needed to tackle Ebola, say experts


  • shadow of people kissing on grassOutdoor love

    Should the police intervene when people have sex in public?


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.