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In a surprise Saturday announcement, the Siemens board of directors said it will finalize CEO Peter Loescher's "early departure" at the board meeting on Wednesday.

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Siemens (NYSE:SI)  CEO Peter Loescher may be booted from the corner office, according to a surprise weekend announcement from the healthcare giant's board of directors.

Loescher's pending departure, which comes 4 years before the end of his contract, will likely be finalized at Wednesday's board meeting, according to company reports. The shift follows several missed earnings reports and a profit warning letter to investors last week.

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