Siemens’ chief in ousting denial

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THE new chief executive of German engineering group Siemens, Joe Kaerser, told a newspaper he played no role in the ousting of his predecessor.

Peter Loescher was dumped in a boardroom battle after the company issued its second profit warning of the year last week. Mr Loescher came under pressure after years of breakneck expansion and forays into new businesses, including an ill-fated detour into solar energy, left Siemens lagging rivals such as General Electric in terms of profitability.

Mr Kaeser said that he aims for Siemens to close the gap with competitors by focusing on the company’s core competencies.