Sunday, July 28, 2013

Siemens to replace CEO Peter Löscher (SI)

From Deutsche Welle:
German engineering company Siemens has sacked its CEO Peter Loescher, after another profit warning and repeated delays of major projects. Loescher had been the first head appointed from outside the firm in its history. 

German engineering giant Siemens has said it will be replacing its chief executive, Peter Löscher. The CEO has been under fire for a series of mishaps including failing to meet profit targets.

In a statement released late Saturday Siemens AG said that its board will meet Wednesday to "decide on the early departure of the president and CEO" Peter Löscher.

The statement also said that a replacement, chosen from the existing board, would be named at the Wednesday meeting....MORE
Here's the press release:

 Extension to the agenda of the Supervisory Board of Siemens AG on July 31, 2013
Munich, 2013-Jul-27
At its meeting on July 31, 2013, the Supervisory Board of Siemens AG will decide on the early departure of the President and CEO. In addition, it will decide on the appointment of a member of the managing board as President and CEO. The agenda of the meeting of the Supervisory Board has been extended accordingly.
Here is the Supervisory Board. You can probably eliminate the six union heads (the Works Councils), the Frenchman, the head of the Planck Institute and the other Doktor Doktor.

If it's Cromme as an interim CEO the U.S. traded ADR's are up 4% by the time of the announcement.
The Wall Street Journal is handicapping "Chief Financial Officer Joe Kaeser, as well as Siegfried Russwurm, who heads Siemens's industry sector division, and Michael Suess, who heads the energy division. "

Siemens Board to Meet This Weekend to Discuss Leadership (SI)
This Can't be Good: "Siemens Warns on Profit Margin" (SI):
The Siemens family own about 6% of the stock and may be ready to combine with the German institutional shareholders to shake things up in the CEO's office....
According to the company:
...An analysis of our shareholder structure conducted in August 2012 showed that shareholders in Germany hold about 30% of all outstanding shares. Shareholders in the U.S. hold roughly 16% and shareholders in the UK around 9%. In addition the analysis showed that some 59% of the outstanding shares are held by institutional investors and 20% by private investors....