29 Jul 2013

Siemens set to sack chief executive

8:11 am on 29 July 2013

Siemens looks set to dismiss chief executive Peter Loescher after the German industrial group issued another profit warning last week.

The company said that the supervisory board "will decide on the early departure of the president and CEO" on Wednesday.

Last week, Siemens said it said it no longer expected to reach a profit margin of at least 12% for the next financial year.

The BBC reports the company lowered its targets for this year in May.

Mr Loescher, 55, has led Siemens since 2007 and was the first person recruited from outside the company to run the business. He is Austrian.

The company reports its quarterly results on Thursday.