Siemens AG Taps CFO as New Leader

Published: Aug 01, 2013

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German engineering giant Siemens (SIEGn.DE) 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, 56, faces the challenge of whipping into shape a lumbering conglomerate with 78 billion euros ($104 billion) of annual sales and products ranging from gas turbines to high-speed trains and ultrasound machines. Years of breakneck expansion and forays into new businesses, including an ill-fated detour into solar energy which led to a billion-euro loss, have left Siemens in disarray and lagging rivals such as General Electric (GE.N) in terms of profitability.

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