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Siemens' New CEO Loescher Replaces Kleinfeld

Nokia said Klaus Kleinfeld, the president and chief executive of Siemens, has resigned from the board of Nokia Siemens Networks, as of July 1.

Kleinfeld will be replaced by Peter Loescher, who will take the helm at Siemens as president and chief executive from the same date.

Shares in Siemens traded down 0.2% at 105.80 euros on Germany's DAX index.