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Business Latest News: Siemens Names CFO to Lead Turnaround After Dumping CEO

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Business Latest News: Siemens Names CFO to Lead Turnaround After Dumping CEO

Business Latest News: Siemens Names CFO to Lead Turnaround After Dumping CEO
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Business Latest News: Siemens Names CFO to Lead Turnaround After Dumping CEO

by Wochit 1:13 mins

German engineering giant Siemens named finance chief Joe Kaeser, a 33-year company veteran, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of profit warnings. Kaeser faces the challenge of whipping a lumbering conglomerate intp shape with 78 billion euros ($104 billion) of annual sales and products ranging from gas turbines to high-speed trains and ultrasound machines. Vladislav Baumgertner, Chief executive of Russia's Uralkali, said the company could discuss joining with Belarus in a Swiss-based trading company to export potash, but will not return to the Minsk-based venture which recently broke apart Italian prosecutors probing Monte dei Paschi's 2007 acquisition of a smaller rival are investigating U.S. investment bank JP Morgan over an alleged crime committed by one of its employees, according to a prosecutors' document.

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