Siemens CFO Kaeser made CEO | business

Thu, 01 Aug, 2013 12:06:53 AM

FTimes News Desk, Aug 01

Photo taken on January 23 , 2013 shows Joe Kaeser, member of the Managing Board and Head of Corporate Finance and Controlling of German industrial giant Siemens during a press conference in Munich, southern Germany. Siemens announced on July 27, 2013 that the Supervisory Board will on July 31, 2013 elect a new executive chef. Numerous media reports that the former Chief Financial Officer Joe Kaeser has the best chance of the post. Photo - AFP / Lehtikuva

German industrial giant Siemens has appointed company's CFO Joe Kaeser the new CEO as expected, the news agency STT reported quoting AFP and Reuters.

The Siemens Executive Board took the decision at its meeting on Wednesday, replacing the current CE its current CEO Peter Löscher.

Kaeser, 56-year-old, is to start the task immediately at the beginning of August. Kaeser also sits on the Nokia Siemens Networks Board of Directors. Siemens sold its stake in NSN earlier this month. The company decided this weekend to distinguish Löscher .

Löscher was criticized for the fact that the company's strategy has been vague and target timelines are not met.

The company recently issued a second profit warning within two months.

Löscher’s agreement was due to last until 2017.

Finland Times