Siemens Clears Way for New Leadership

July 29, 2013 at 2:32 pm PT

German engineering giant Siemens AG signaled it would oust Chief Executive Peter Löscher in a dramatic move that reflects growing unease among investors and the group’s powerful union over the company’s direction.

Siemens, in an unusual Saturday-night news release, said its supervisory board would vote at its regularly scheduled meeting Wednesday on “the early departure of the president and CEO,” suggesting that the board’s senior members believed the vote would go against Mr. Löscher.

Chief Financial Officer Joe Kaeser was expected to take over as CEO, people familiar with the matter said, though they cautioned the decision wasn’t final.

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Tagged with: Anton Troianovski, Joe Kaeser, Peter Löscher, Siemens AG, The Wall Street Journal, WSJDN

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