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Daily Digit: Siemens CEO boost

Sunday, July 28, 2013 - 00:54

July 29 - Siemens shares jump as Germany's second biggest company says it will sack CEO Peter Loescher after a repeated failure to stop the company suffering declining revenues in its main markets. Joel Flynn reports.

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2.3% is today's Daily Digit in Europe. That's the amount Siemens share price jumped, after the company said it would sack CEO Peter Loescher. The six-year Chief Exec has repeatedly misjudged demand development in the group's main markets. Germany's second biggest company has struggled with the global economic slowdown. It's also had problems with the delayed delivery of 16 urgently needed trains to the national rail operator. That's on top of difficulties connecting North Sea wind parks to the electricity grid. Loescher has been criticised for not acting more decisively to arrest the company's slump. But Siemens' scrapping of its 2014 profit targets was the last straw. Loescher still plans to fight for his job, says a German newspaper. Wednesday's supervisory board meeting will be the showdown. Finance chief Joe Kaeser is believed to be the favourite to be the next Siemens CEO.

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Daily Digit: Siemens CEO boost

Sunday, July 28, 2013 - 00:54