Siemens chairman plans to stay until 2018: magazine

FRANKFURT Sat Nov 16, 2013 11:27am EST

The company logo of Siemens is pictured after an annual news conference in Berlin November 7, 2013. REUTERS/Tobias Schwarz

The company logo of Siemens is pictured after an annual news conference in Berlin November 7, 2013.

Credit: Reuters/Tobias Schwarz

FRANKFURT (Reuters) - Siemens (SIEGn.DE) chairman Gerhard Cromme plans to stay in his post until his contract ends in 2018, German magazine Focus reported on Saturday, saying he had made his intention clear to close colleagues inside the engineering conglomerate.

The magazine said there had been increasing speculation that the 70-year-old might step down from office early, after critics argued his departure would afford the company a fresh start.

Cromme, in contrast, sees his chairmanship as adding to continuity and stability at Siemens, the magazine said.

Siemens has been reshaping its management organization under Chief Executive Joe Kaeser, who took over in July after the company dumped former chief Peter Loescher four years before the end of his contract, following a series of profit warnings.

A Siemens spokesman declined comment.

(Reporting by Maria Sheahan and Jonathan Gould; Editing by Toby Chopra)

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