Siemens promotes CFO to CEO following resignation

Siemens named Joe Kaeser its new president and CEO. His new new role took effect August 1. Kaeser served as the company’s CFO since 2006. A new CFO will be appointed shortly, according to the company.

Peter Làƒ¶scher, the company’s former CEO, resigned his position July 30 and left the managing board of Siemens “by mutual consent,” according to the company. The changes were unanimously approved by the supervisory board of Siemens at its meeting July 30, according to Power Engineering.

Làƒ¶scher will continue to assist the company in the processing of open topics until September 30 and will remain associated with Siemens AG, performing duties such as chairing the board of trustees of the Siemens Stiftung, according to a statement from the company.

Kaeser said the company is not in a crisis or in need of restructuring, but stated in a release that “we’ve been too preoccupied with ourselves lately and have lost some of our profit momentum vis-àƒ -vis our competitors.”

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