Siemens to throw CEO overboard after profits slashed a FIFTH time

German tech firm Siemens looks set to show chief exec Peter Loescher the door on Wednesday after the company was forced to issue a fifth profit warning. "At its meeting on July 31, 2013, the Supervisory Board of Siemens AG will decide on the early departure of the President and CEO. In addition, it will decide on the …

[Khaptain]

The official reason

Since this is a megcorp I presume that the official internal memo will read along the lines that the "CEO is leaving in order to persue familly accomplishments".

[AlgernonFlowers4]

He should go before be stains the company name

[John H Woods]

A bit of a ...

... job blow?

[Master Rod]

Just exactly where do these buffoons (board) find these loosers? Yeah, I know. No vision. Some one off the street could do better.

Master Rod

[Anonymous Coward]

He won't be worried. Fluffy press release citing "more time to spend with his family" and a phone number "Golden Goodbye" incoming.

Most CEOs don't give a damn, because they always win no matter what happens.

[Dodgy Geezer]

Very much a Green casualty...

He announced that he was going to 'green' the company and provide thousands of new jobs in that 'hugely successful' sector.

Amongst other green moves, he announced that Siemens would quit the nuclear industry in 2011...

Just goes to show that hard-headed businessmen can be taken in by a scam, same as the rest of us...

[PeterM42]

Er, Siemens - don't forget....

......to chuck out their entire division of IT outsourcing idiots and their PC & laptop designers. Never seen so much JUNK!

[Not_The_Droids]

It was not that long ago that I was reading articles about Loscher, and how he took the reins of a scandal-riddled bribery-corrupted Siemens corporation and was looking to turn things around in a positive way. He swept through senior management and began to right many wrongs. Now a few years later.... there he goes, under the bus. One reason why CEO pay is high... when the times are good, they're good. When they go bad - it's the bus wheels for you, my boy.

[Anonymous Coward]

Cum on...

... this is not news.