Siemens shares up slightly on CEO departure

Market response subdued to board's vote on Loescher's departure

Associated Press

FRANKFURT, Germany (AP) -- Shares in Siemens AG are up modestly as the company prepares to part ways with CEO Peter Loescher, who disappointed shareholders by failing to meet profit targets.

Shares in the company traded up 0.8 percent at 80.33 euros in morning trading Monday. Even so, Siemens' share price is still down almost 4 percent since last Thursday's announcement that the company would miss its profit margin target. They were trading at 83.62 euros on July 24, the day before the announcement.

On Saturday, Siemens said its board of directors would decide this Wednesday on Loescher's departure and choose another executive as president and CEO.

Siemens makes industrial machinery such as power generation and transmission equipment, high-speed trains, and medical diagnostic machines.

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