Enter multiple symbols separated by commas

Embattled Siemens Board Wants to Replace CEO: FT

The FT Deutschland reports that Siemens is braced for further upheaval after it emerged that the German engineering group's supervisory board is seeking a new chief executive to replace Klaus Kleinfeld.

The FT Deutschland is the sister paper of the Financial Times.

Efforts to replace Mr Kleinfeld, who took charge in January 2005, will come as a surprise, since it was widely expected that his contract, which expires on September 30, would be renewed for another five years. He has so far been able to escape the twin scandals engulfing Siemens unscathed.

The group stands accused of bribery in order to secure contracts and also faces an investigation into whether it helped finance a rival to its main trade union. Siemens has denied involvement in both affairs and said it is cooperating with authorities in both investigations.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.