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| Siemens chief executive, Peter Loescher, heading for the exit | Siemens chief executive, Peter Loescher, heading for the exit |
| (about 2 months later) | |
| Siemens has cleared the way to oust its chief executive following another profit warning last week. | Siemens has cleared the way to oust its chief executive following another profit warning last week. |
| The German engineering giant said its supervisory board would decide the fate of Peter Loescher and consider a successor at a meeting on Wednesday. | The German engineering giant said its supervisory board would decide the fate of Peter Loescher and consider a successor at a meeting on Wednesday. |
| "At its meeting on July 31, 2013, the supervisory board of Siemens AG will decide on the early departure of the president and CEO. In addition, it will decide on the appointment of a member of the managing board as president and CEO. The agenda of the meeting of the supervisory board has been extended accordingly," it said in a statement over the weekend. | "At its meeting on July 31, 2013, the supervisory board of Siemens AG will decide on the early departure of the president and CEO. In addition, it will decide on the appointment of a member of the managing board as president and CEO. The agenda of the meeting of the supervisory board has been extended accordingly," it said in a statement over the weekend. |
| Shares in Siemens jumped 2.2% in early trading as traders welcomed Loescher's impending departure. | Shares in Siemens jumped 2.2% in early trading as traders welcomed Loescher's impending departure. |
| The company is scheduled to report third-quarter results on Thursday and said last week that it was abandoning its target of increasing profit margins from 9.2% in 2012 to at least 12% by 2014, "mainly due to lower market expectations". | The company is scheduled to report third-quarter results on Thursday and said last week that it was abandoning its target of increasing profit margins from 9.2% in 2012 to at least 12% by 2014, "mainly due to lower market expectations". |
| "The measures for optimising the portfolio and reducing costs are largely on track," it added. | "The measures for optimising the portfolio and reducing costs are largely on track," it added. |
| It was the second profit warning in three months, amid a series of problems within its high-speed trains business and offshore grid connection projects in the North Sea. | It was the second profit warning in three months, amid a series of problems within its high-speed trains business and offshore grid connection projects in the North Sea. |
| Loescher has led the company for six years and was the first person recruited externally to run the business when he joined from the pharmaceutical company Merck. | Loescher has led the company for six years and was the first person recruited externally to run the business when he joined from the pharmaceutical company Merck. |
| His current contract was due to expire in 2017. | His current contract was due to expire in 2017. |
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