Siemens names finance chief as new CEO

07/31/2013 | Bloomberg · Reuters

Siemens has announced that finance chief Joe Kaeser will take over as CEO from Peter Loescher, who was ousted amid concern over tumbling profit. Kaeser will be challenged to put the sprawling engineering group back on track but has the expertise for the task, analysts say. "Kaeser was the logical candidate to succeed Loescher. It made perfect sense to nominate him," says analyst Ingo-Martin Schachel of Commerzbank.

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