Siemens promotes CFO Kaeser to CEO

Siemens, the German engineering and construction giant, appointed Chief Financial Officer Joe Kaeser to become CEO after removing Peter Loescher with four years left on his contract. Siemens faced huge losses from delays in completing high-speed trains and offshore wind-power projects, on the heels of a billion-dollar loss on an expansion into solar power. Analysts say that in his 33 years with Siemens, Kaeser has acquired an understanding of the company that Loescher lacked.

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