Siemens CEO to leave following profit warning

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    Technology News

    Peter Loescher, chief executive of German engineering conglomerate Siemens AG addresses the media ahead of the company's annual shareholder meeting in MunichMUNICH (Reuters) – Siemens Chief Executive Peter Loescher is to leave the company, four years before the end of his contract, after the German engineering group this week issued its second profit warning this year. Siemens said in a statement late on Saturday that at a meeting on July 31, the supervisory board would pass the decision on Loescher's early departure. “In addition, it will decide on the appointment of a member of the managing board as President and CEO,” it added. Siemens, among Germany's three biggest companies by market value, did not provide further details. …

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