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


Features & Analysis

  • TricycleTreasure trove

    The lost property shop stuffed with diamonds, bikes... and a leg

  • Boris Nemtsov'I loved Nemtsov'

    A murder in an atmosphere of hatred and intolerance

  • Image of George from Tube CrushTube crush

    How London's male commuters set Chinese hearts racing

  • INDHUJA'Dorky tomboy'

    The Indian who attracted proposals through honesty

From BBC Capital


  • Kinetic sculpture violinClick Watch

    The "kinetic sculpture" that can replicate digital files and play them on a violin

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. 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.