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Business

Siemens to replace CEO Peter Löscher

German engineering giant Siemens has said it will be replacing its chief executive, Peter Löscher. The CEO has been under fire for a series of mishaps including failing to meet profit targets.

In a statement released late Saturday Siemens AG said that its board will meet Wednesday to "decide on the early departure of the president and CEO" Peter Löscher.

The statement also said that a replacement, chosen from the existing board, would be named at the Wednesday meeting.

It was not immediately clear whether Löscher would offer his resignation or be forced out.

Löscher, an Austrian, became CEO of Siemens six years ago and has drawn anger from shareholders by failing to meet profit targets.

On Thursday, Siemens issued another profit warning, the second in three months. The company said it no longer expected, "to achieve a total sectors profit margin of at least 12 percent by fiscal 2014 as aimed for in the Siemens 2014 company program."

Siemens is a heavyweight in Germany's engineering industry with interests in high-speed rail, advanced medical technology, robotics and power generation.

The company is set to report its third-quarter results next Thursday.

hc/ch (AP, dpa)