Siemens CEO Quits

Siemens AG is having a rough time of it, although that might be a bit of an understatement…

With an ongoing corruption scandal, it probably wasn’t the best time to do it, but CEO Klaus Kleinfeld officially announced that he would be leaving as soon as his contract expires in October, citting that “the company must have complete freedom of action.”

The German company is a global electronics powerhouse, with 475,000 employees worldwide. So this is pretty major news. How this affects the partnership with Nokia is currently unknown.

Shares of Siemens fell 4% to $119.86. Somehow I get this feeling that won’t be the last of it.

This entry was posted on Wednesday, April 25th, 2007 at 2:06 am and is filed under Wireless Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.