Siemens' Kaeser says he had no part in Loescher's departure

Despite rumors the two executives had trouble getting along, Siemens' (SI) new CEO Joe Kaeser says he was "not involved in [former CEO Peter Loescher's] replacement."

Kaeser — formerly the company's CFO — says speculation about his relationship with Loescher is characterized by "untruths [and] rumors," and notes that at the end of the day, "the supervisory board had to decide whether  Loescher should remain in office, and if not, who should succeed him."

Kaeser says SI will focus on its core businesses and become more competitive going forward.

See also: SI FQ3 earnings; Fitch downgrades SI.

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