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Articles: Siemens Chief to Stand Down as Company Battles Scandal
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Posted by Admin on Wednesday, April 25, 2007 - 10:06 PM
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Science and Technology

German engineering giant Siemens AG's chief executive Klaus Kleinfeld said Wednesday he was standing down amid a damaging corruption scandal that has rocked the 160-year-old company.


Kleinfeld, who is 49, told a meeting of the company's supervisory board that he did not want to extend his current contract, which expires at the end of September, after facing resistance to the extension among board members.

"The company needs clarity with regard to its leadership during these times," Kleinfeld said. "I have therefore decided not to make myself available for an extension of my contract."

His successor has not been named.

Kleinfeld refused to accept the board delaying a vote o­n the contract, company officials said, as a result paving the way for a major shakeout in the group's top management.

His decision to leave the company after a two-decade career followed last week's dramatic announcement by Siemens chairman Heinrich von Pierer that he was resigning.

<b style="">Slush-fund probe

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