Analysts welcome Loescher pick as Siemens chief

The appointment of Peter Loescher as the next chief executive of German industrial conglomerate Siemens received a positive reaction from analysts, even as they point out that the 49-year-old doesn't have an engineering background and wasn't one of the candidates mentioned in the German press.
Loescher on Sunday was announced as CEO of Siemens succeeding Klaus Kleinfeld, who said he was stepping down after the board hesitated to extend his contract following a series of corruption scandals.

Shares of Siemens edged up 0.2% in Frankfurt afternoon trading, extending a 4% advance on Friday on anticipation that a new CEO would be named.

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- Posted: 2007-05-21 15:11:07

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