Business

Siemens CEO to fight for his job - paper

Siemens chief executive Peter Loescher plans a probably doomed fight for his job at Wednesday's supervisory board meeting, a German newspaper said, after the German industrial group said at the weekend it would sack him.

Pressure had been mounting on Loescher after he repeatedly misjudged demand development in the group's main markets, and last week appeared to provide the final straw when Siemens scrapped its 2014 profit margin targets.

Citing company sources, Sueddeutsche Zeitung said today that Loescher was only willing to resign if chairman Gerhard Cromme, who hired him six years ago, also quit.

Otherwise, Loescher hoped to pull together the necessary two-thirds majority to prevent being fired, though boardroom sources told the paper he had no hope of succeeding.

Sources have said finance chief Joe Kaeser, who has spent his entire career at Siemens, was the most likely candidate to replace Loescher, which analysts welcomed. - Reuters, July 29, 2013

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