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Drama at Siemens: Rumors fly that outgoing CEO is looking to take chairman down with him

Tue, 07/30/2013 - 3:19pm
Mass Device

German media reports say that outgoing Siemens CEO Peter Loescher refused to step down unless company chairman Gerhard Cromme resigns his post.

Drama at Siemens: Rumors fly that outgoing CEO is looking to take chairman down with him

The top-level shuffle at German medical device giant Siemens (NYSE:SI) added another chapter today as rumors flew that outgoing CEO Peter Loescher refused to step down unless supervisory board chairman Gerhard Cromme resigns his post.

Loescher was ousted by the Siemens board of directors, cutting his contract short by 4 years. The board announced last weekend that it planned this week to finalize the end of Loescher's appointment in the corner office, which has recently culminated with several missed earnings reports and profit warnings.

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