German engineering company Siemens to replace its CEO following profit warning
{{#rendered}} {{/rendered}}German engineering giant Siemens AG says it will be replacing its chief executive, who has drawn the ire of shareholders by failing to meet profit targets.
Siemens said in a statement late Saturday that its board will meet Wednesday to "decide on the early departure of the president and CEO" Peter Loescher.
A replacement will also be named.
{{#rendered}} {{/rendered}}Loescher, an Austrian, became CEO of Siemens six years ago. His hold on the job has grown shaky, especially in recent days after the company again issued a profit warning.
It was not immediately clear whether he would offer his resignation or be forced out.
Siemens is a heavyweight in Germany's engineering industry with interests in high-speed rail, advanced medical technology, robotics and power generation.