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Siemens board makes good on Saturday's promise to "decide on early retirement" today, formally ousting CEO Peter Löscher and tapping CFO Joe Kaeser to be his replacement.

Siemens replaces CEO Löscher with CFO Kaeser

After a week of speculation about Peter Löscher's grasp on the chief executive title at Siemens (NYSE:SI), the board of directors made good on its promise to "decide on early retirement" today, ousting the former CEO 4 years before his contract was up.

The board tapped CFO Joe Kaeser as his successor, effective today. The industrial conglomerate has been reeling from a series of profit warnings and missed targets.

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