Kaeser to take over from Loescher as Siemens CEO

|About: Siemens AG (SIEGY)|By:, SA News Editor

As expected, Siemens (SI) has fired CEO Peter Loescher after six years in the job and four years before the end of his contract, and replaced him with CFO Joe Kaeser.

Loescher has paid for a string of missed-earnings targets, bungled acquisitions, as well as an expensive and ill-fated green-energy strategy.

Siemens' FQ3 total sectors profit - operating profit for its four main businesses - slumps 31% to €1.26B vs consensus of €1.41B. (PR)