News Column

Siemens Chief Rejects Criticism, Talk of Board Revolt

Jan. 18, 2013

The chief of German conglomerate Siemens Peter Loescher dismissed Friday growing criticism of the group's performance under his leadership, insisting in an interview with dpa that the company was on a success course.

Speaking ahead of the group's annual general meeting next Wednesday, Loescher described the criticism as unfair and said talk of a board revolt against his leadership was "humbug."

"Siemens is on track and murmurings from the press do nothing to change that," Loescher told dpa. "I am the captain and I'm staying on the bridge."

The Munich-based group has in recent months found itself facing a stream of unwelcome headlines.

This included concerns over delays in the delivery of new high-speed rolling stock, the high cost of the company's exit from the solar energy business and problems in linking its wind parks located off the north German coast to the nation's electricity grid.

But Loescher told dpa: "The last two years were the best in the company's history. If you look at the last five years: we were extraordinarily successful in terms of sales, profit and dividend payments."

He said that this was despite the company being hit by the global financial crisis just as it was emerging from a scandal over allegations that key executives had paid bribes and kickbacks to gain international orders.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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