U.S. News

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.