Siemens taps Löscher as new CEO

May 20, 2007

German industrial conglomerate Siemens AG has named Peter Löscher as its new president and CEO, replacing Klaus Kleinfeld, who announced in April that he is stepping down.

Peter Löscher, new president and CEO of Siemens AG. Image courtesy of Siemens.

An Austrian by birth, Löscher is currently president of global human health at pharmaceutical developer Merck & Co. of Whitehouse Station, NJ. Prior to joining Merck, Löscher was an executive at U.K. pharmaceutical company Amersham International, and when that company was acquired by U.S. industrial firm GE of Fairfield, CT, he joined GE's Corporate Executive Council. From 1988 to 2002, he held various posts at German life sciences firm Hoechst AG and, following its merger with Rhone-Poulenc Rohrer, at Aventis (now Sanofi-Aventis of Paris).

Siemens, the parent of Siemens Medical Solutions of Erlangen, Germany, announced on April 25 that Kleinfeld would not be renewing his contract when it expires on October 1. Kleinfeld will officially step down on June 30, Siemens said.

Siemens has become entangled in a series of corporate corruption scandals under Kleinfeld's watch, although he has not been implicated.

By AuntMinnie.com staff writers
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