Business

Siemens poised to axe boss Peter Loescher

  • 28 July 2013
  • From the section Business
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.

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