Siemens set to oust chief executive amid disappointing results
BERLIN (AFP) - German engineering giant Siemens is due to dramatically oust its chief executive on Wednesday and immediately replace him to help restore investor confidence hard on the heels of a profit warning.
After six years at the helm, Mr Peter Loescher is due to be given his marching orders by the supervisory board and is expected to be replaced by a Siemens veteran, chief financial officer Joe Kaeser.
The turbulence comes days after the conglomerate, whose products include equipment for rail transport, gas and steam turbines and generators, announced its second profit warning in two months.
In a surprise late Saturday statement, the supervisory board announced it would decide on the "early departure" of 55-year-old Loescher at this week's long scheduled meeting and vote on replacing him with a member of the management board.