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Siemens Chairman Plans To Stay Until 2018

Wochit 0:56 mins

Siemens chairman Gerhard Cromme plans to stay in his post until his contract ends in 2018, German magazine Focus reported on Saturday, saying he had made his intention clear to close colleagues inside the engineering conglomerate. The magazine said there had been increasing speculation that the 70-year-old might step down from office early, after critics argued his departure would afford the company a fresh start. Siemens has been reshaping its management organization under Chief Executive Joe Kaeser, who took over in July after the company dumped former chief Peter Loescher four years before the end of his contract, following a series of profit warnings.

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