Peter Loscher new President and CEO of Siemens
Peter Löscher takes over as Chief Executive Officer of Siemens Klaus Kleinfeld steps down as Chief Executive Officer
Gerhard Cromme thanks Kleinfeld for his tireless dedication
Munich, Germany – Peter Löscher, 49, takes over as President and Chief Executive Officer (CEO) of Siemens as of July 1, 2007. “It’s a great pleasure and honor for me to lead Siemens as its CEO. Together with the well more than 400,000 employees, I would like to achieve a great deal in the coming years. In the past weeks, I have been intensively preparing myself for this assignment,” said Löscher, who is succeeding Klaus Kleinfeld, 49, as CEO.
“I leave with many fond memories of the people who make Siemens such a great company. I hope that the success of Siemens’ employees will continue and wish my successor in particular all the best on this road,” said Kleinfeld, who became CEO on January 27, 2005.
“I thank Klaus Kleinfeld for his tireless dedication to the company. Most notably, he laid the foundation for today’s business success with his strategic realignment of the company. Now, I look forward to working with Peter Löscher, who can build on this strong base,” said the Chairman of the Supervisory Board, Gerhard Cromme. Furthermore, he emphasized that one of the most important tasks for the CEO will be to continue to press ahead with the job of clearing up the current corruption cases and with further developing the compliance organization and internal control mechanisms.
Klaus Kleinfeld was the 11th CEO in the 160-year history of Siemens. Under his leadership, the companywide program “Fit4More” was launched in April 2005. As a result of this program, all Groups for the first time reached or exceeded their set target margins in the spring of 2007. Furthermore, during his tenure important strategic expansions of Siemens’ business activities were achieved and the Information and Communications (I&C) business area was realigned. Since the beginning of 2005, the value of the company increased more than fifty percent from roughly €60 billion to about €95 billion. In April 2007, Kleinfeld announced that he would not make himself available for his contract renewal.
Klaus Kleinfeld worked at Siemens for about 20 years and transformed, among other things, Siemens Management Consulting into an effective partner for the global businesses. Furthermore, he was a member of the Group Executive Management of the Medical Solutions Group. As CEO of Siemens’ regional business in the U.S., he contributed significantly to the profitable turnaround of the business there within two years.
After studying economics in Vienna, Hong Kong and at Harvard Business School, Peter Löscher began his professional career at the German management consultants Kienbaum & Partner. He was active in a variety of functions at Hoechst and Aventis in Germany, the U.S., Spain, Great Britain and Japan. In 2002, he moved to the UK healthcare technology company Amersham and following its acquisition by General Electric joined the GE Corporate Executive Council. Since 2006, he was member of the Executive Committee at Merck & Co. in the U.S., one of the world’s leading American pharmaceutical companies.
Siemens AG (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees (incl. discontinued operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded more than 155 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30), Siemens had sales of €87.3 billion and net income of €3.033 billion, according to U.S. GAAP.