The president and CEO of German industrial conglomerate Siemens AG, Klaus Kleinfeld, said he will no longer be available for a contract extension when his contract expires October 1.
Siemens, the parent company of Siemens Medical Solutions of Erlangen, Germany, has been embroiled in an ongoing series of corporate corruption scandals. Although Kleinfeld has not been implicated in the scandals, he decided to step down after losing the support of members of the company's board of directors, according to an article April 25 in the Wall Street Journal.
In a Siemens press release, Kleinfeld said he based the decision on current discussions about postponing his contract extension once again. He will continue to serve until September 30, according to the Munich-based firm.
In other Siemens news, Gerhard Cromme has been named chairman of the supervisory board, replacing Heinrich v. Pierer, effective immediately.
By AuntMinnie.com staff writers
April 26, 2007
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