In a press release today, Siemens AG, Munich, Germany, announced that Joe Kaeser, a 33-year Siemens veteran and CFO for the past seven, will replace Peter Loescher as CEO, effective tomorrow. Kaeser takes the reins of Europe's largest engineering and manufacturing company and one of the largest electrical products manufacturers in the world, in a move that was seen reassuring investors with a seasoned insider pick.
Loescher, who took the office in 2007, was recognized by the Siemens board in the release for establishing a culture of integrity and improving the company's performance and profitability.
Kaeser, naturally, sees bright prospects for the ship he's now going to pilot: "Our company is certainly not in crisis, nor is it in need of major restructuring. However, we've been too preoccupied with ourselves lately and have lost some of our profit momentum vis-à-vis our competitors. My declared aim is to put Siemens back on an even keel and create a high-performance team."