Siemens Supervisory Board appoints Peter Löscher new CEO

Siemens Supervisory Board appoints Peter Löscher new CEO

Peter Löscher (49), currently President of Global Human Health, Merck & Co. Inc., headquartered in Whitehouse Station, New Jersey (U.S.), will be the new President and CEO of Siemens AG. The Supervisory Board of Siemens AG approved the proposal of its Chairman’s Committee to appoint Löscher a full member of the Managing Board of Siemens AG and Siemens President and CEO at an extraordinary meeting in Munich on May 20, 2007. Löscher will take office on July 1, 2007. Dr. Klaus Kleinfeld (49) will step down as Siemens President and CEO, effective June 30, 2007.
In addition, the Supervisory Board of Siemens AG approved the proposal of the Chairman’s Committee to appoint Dr. Heinrich Hiesinger (46) to the Managing Board of Siemens AG. Effective June 1, 2007, Hiesinger, who is currently Group President of Siemens Building Technologies (SBT), will be a full member of the Managing Board of Siemens AG and a member of the company’s Corporate Executive Committee.

“In Peter Löscher, we have found an exceptional individual for the office of President and CEO of Siemens AG. His upright character, his global background, his outstanding international reputation and his wide-ranging experience in business development and strategy, the financial markets and technology-related issues were the key factors in our decision. I am convinced that Mr. Löscher has what it takes to steer Siemens through its current difficulties and into a better future. I am looking forward to our collaboration with great pleasure,” said Gerhard Cromme, Chairman of Siemens’ Supervisory Board.

“It is a great honor and an extraordinary challenge to have been appointed President and CEO of Siemens AG. I know Siemens as one of the world’s foremost corporate addresses and as a company with a rich tradition and strong foundations. I am looking forward to assuming the leadership of Siemens and the overall responsibility for benefiting the company’s customers, employees, investors and shareholders. My wife, my children and I are all delighted to be moving back to Europe and to Germany,” said Peter Löscher, the future President and CEO of Siemens AG.

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