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Siemens CEO Quits

April 25, 2007 in Wireless Industry News

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

Klaus Kleinfeld quit his CEO position at Siemens, rambling about 'complete freedom of action.'

Klaus Kleinfeld quit his CEO position at Siemens, rambling about ‘complete freedom of action.’

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.

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