Siemens boss Loscher to stay until 2017: reports

24th July 2011, Comments 0 comments

Siemens is to extend the contract of its boss Peter Loscher until 2017, according to a report in German daily Handelsblatt due to be published on Monday.

Sources close to the German company quoted by the newspaper say that Siemens' supervisory board will take the decision next week, a year before Loscher's contract is due to end.

Loscher, who is Austrian, joined Siemens in 2007 following a corruption scandal which lost the company over a billion euros in fines and legal bills and forced several senior executives to stand down.

He was the first ever outsider to become director of Siemens and subsequently overhauled the company.

Siemens manufactures a range of products including trains, phones and wind and gas turbines.

© 2011 AFP

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