Löscher out - Kaeser in

A new CFO will be appointed very shortly. The current CEO Peter Löscher will resign his position and leave the Managing Board of Siemens AG by mutual consent. These changes were unanimously approved by the Supervisory Board of Siemens AG. Peter Löscher will continue to assist the company in the processing of open topics until September 30, 2013. He will also remain associated with Siemens AG and perform a number of duties – for example, chairing the Board of Trustees of the Siemens Stiftung – at the request and in the interest of the company. "It would be fatal for the future of Siemens and its employees if the successful course we've adopted in order to reorient the company, the clarification of past errors, the return to profitable growth and the establishment of a new company culture were called into question by a loss of mutual trust. The interests of individuals – including my own – must take second place to the well-being of Siemens as a whole," explained Peter Löscher. Joe Kaeser will succeed Peter Löscher as President and CEO of Siemens. "Our company is certainly not in crisis, nor is it in need of major restructuring. However, we've been too preoccupied with ourselves lately and have lost some of our profit momentum vis-à-vis our competitors. My declared aim is to put Siemens back on an even keel and create a high-performance team. Because as a team we're hard to beat. By the fall, the Siemens Team will provide information on the further refinement of our company program and address the medium-term prospects and our vision for the company. You'll see: there'll also be a Siemens after 2014," said Joe Kaeser.