German engineering firm Siemens to replace CEOJuly 27, 2013 @ 2:10 pm
BERLIN (AP) - German engineering giant Siemens AG says it will be replacing its chief executive, who has drawn the ire of shareholders by failing to meet profit targets.
Siemens said in a statement late Saturday that its board will meet Wednesday to "decide on the early departure of the president and CEO" Peter Loescher.
A replacement will also be named.
Loescher, an Austrian, became CEO of Siemens six years ago. His hold on the job has grown shaky, especially in recent days after the company again issued a profit warning.
It was not immediately clear whether he would offer his resignation or be forced out.
Siemens is a heavyweight in Germany's engineering industry with interests in high-speed rail, advanced medical technology, robotics and power generation.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
The Seahawks roster is set after one addition and a whole bunch of subtractions
Future of Pioneer Square
With new people coming in, Jason Rantz wonders whether others will be pushed out
Week In Photos
Photos of defining moments from around the world this week
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.