Siemens names Kaeser as new CEO

At a meeting of Siemens supervisory board this morning it was agreed that Loescher would resign immediately, with Kaeser taking over the helm as president and CEO from tomorrow.

Speaking about his appointment, Kaeser said: “Our company is certainly not in crisis, nor is it in need of major restructuring. However, we’ve been too preoccupied with ourselves lately and have lost some of our profit momentum vis-à-vis our competitors.”

Last week Siemens issued its second profit warning in three months. It said it would be unable “to achieve a total sectors profit margin of at least 12% by fiscal 2014”.

Kaeser added: “My declared aim is to put Siemens back on an even keel and create a high-performance team.”

Loescher will continue to assist the company with ongoing matters until September 30, 2013.