Siemens AG has approached finance chief Joe Kaeser to replace CEO Peter Loescher in a bid to revitalize profitability and operations, Bloomberg BusinessWeek reported Tuesday.
Citing an unnamed source, Alex Webb and Angela Maier write Loescher had been in talks on the terms of his departure ahead of a supervisory board meeting to hand down a decision Wednesday.
Siemens has lowered earnings expectations five times since Loescher took the helm at Siemens in 2007, according to the report.
He also had to take write-downs on several acquisitions and missed plans to push the company’s expansion into green energy, Webb and Maier say.
BusinessWeek says Kaeser has held various administrative and financial roles during his 33 years with Siemens.