Siemens CEO to leave company

The president and CEO of German industrial conglomerate Siemens AG, Peter Löscher, is leaving the company and will be replaced this week at a meeting of the company's managing board.

Löscher was named to lead Siemens in 2007, but the company last week issued a profit warning after a series of disappointments, according to an article in the New York Times. Siemens is the parent company of Siemens Healthcare.

In a statement, Siemens said that the company will replace Löscher with a member of its managing board. The New York Times article indicated that the leading candidate to replace Löscher is Joe Kaeser, currently the company's chief financial officer.

On July 25, Siemens revealed that it does not expect to meet its profit margin target of 12% by fiscal 2014, adding that "measures for optimizing the portfolio and reducing costs are largely on track." Siemens' third-quarter financial numbers are scheduled to be released on August 1.

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