Siemens boss set to be sacked in aftermath of profit warning

GERMAN engineering giant Siemens is expected to sack chief executive Peter Loescher on Wednesday, after the company issued another profit warning.

The company’s board said it would “decide on the early departure of the president and CEO” when it meets later this week, before appointing “a member of the managing board” as replacement.

Despite this, Loescher issued defiant statements to German newspapers, insisting he is prepared to battle for the company he has led since 2007. But investors have become exasperated with a series of financial setbacks during his reign, with the latest issued last Thursday.