Siemens is preparing to remove chief executive Peter Loescher following a series of profit warnings and operational mishaps that have sapped investors’ confidence in the man who has led the German engineering conglomerate for the past six years.
The company released a statement late on Saturday saying its supervisory board would on Wednesday “decide on the early departure of the president and CEO”.
The statement added that the board would also hold a vote on Wednesday to replace Mr Loescher with a member of the current management board. Siemens declined to provide further details.
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