FT Deutschland, sister paper of the Financial Times, reports that German engineering company Siemens' supervisory board wants a new CEO to replace Klaus Kleinfeld: "Leading members of the supervisory board think that a change at the top of the company is the right way for a new beginning at Siemens," said an unnamed source familiar with the matter. It was widely expected that Kleinfeld's contract, which expires on Sept. 30, would be renewed for another five years. While the company is accused of bribery in securing contracts, Kleinfeld has thus far not been implicated in the scandal, and a source within the company told FT Deutschland that according to the Siemens-sanctioned report of law firm Debevoise & Plimpton, "Mr. 
Kleinfeld is clean." Heinrich von Pierer resigned as Chairman last week; he also denied any knowledge or involvement in the wrongdoings. The sources said the CEO change is being driven by Deutsche Bank CEO Josef Ackerman and an influential member of the supervisory board. Shares are down 1.64% in pre-market trading.
Sources: Financial Times
Commentary: Say Ach Ya To Germany: A Global Powerhouse • Siemens Seems Secure, Despite Bribery Suspicions - Barron's
Stocks/ETFs to watch: Siemens AG (SI), Deutsche Bank AG (DB). Competitors: Telefonaktiebolaget LM Ericsson ADR (ERIC), Alcatel-Lucent ADR (ALU), Nokia Corp. (NOK), Cisco Systems Inc. (CSCO), Nortel Networks Corp. (NT)
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