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The supervisory board of German engineering conglomerate Siemens announced Sunday it has tapped Peter Loescher as its new CEO as the company struggles to improve an image tarnished by corruption.
Two former Siemens officials were convicted Monday of bribery and assisting bribery for their involvement in multimillion-dollar payments to officials at an Italian utility.
Foreign stocks have outpaced the U.S. for the past five years. But analysts say investors can still find good opportunities in select foreign companies and U.S. multinationals that do substantial business overseas.
When the owners of football teams want the best performance, they hire the best managers. When the team is failing the manager gets sacked.
German industrial conglomerate Siemens will set higher profitability targets for most of its businesses to reach by 2010, it said on Thursday, a day after Chief Executive Klaus Kleinfeld resigned.
Siemens Chief Executive Klaus Kleinfeld will leave the scandal-hit group when his contract expires at the end of September, the company said on Wednesday, deepening its leadership crisis.
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Siemens' outgoing supervisory board chairman, who is departing amid corruption scandals at the company, said in an interview published Sunday that he knew nothing about alleged improper payments during his time at the helm and is leaving with his "head held high."
The board chairman of German industrial giant Siemens said Thursday he was stepping down and hoped that a successor could steer the scandal-plagued company into "calmer waters."
Nokia Siemens Networks, which began operations on April 1, said Monday it expects "very slight" market growth in 2007, downgrading earlier estimates by the two companies that formed the joint venture.
A board member of Siemens was arrested Tuesday in connection with an investigation of alleged payments to the head of a tiny labor union, the company said.
Two former managers of German industrial group Siemens denied charges of breach of trust and bribery but acknowledged making payments to employees of Italy's Enel to secure gas-turbines contracts.
Health insurer UnitedHealth Group said on Monday it would acquire Sierra Health Services for $43.50 per share to help it expand in the fast-growing U.S. Southwest.
Siemens is close to a deal to buy business software maker UGS for about $3.5 billion, including debt, two sources familiar with the situation said on Wednesday.
The project, codenamed "Herkules," foresees the modernization of the administrative information technology system and of communication networks for the German armed forces, the Bundeswehr.