German engineering giant Siemens assigned new chief executive officer. Joe Kaeser, the former chief financial officer and a newly appointed leader, will take office on August 1. His predecessor Peter Löscher, under management of whom Siemens shares lost 22% of the value, contributed to Kaeser's assignment. The shareholders' complaints forced the managing board to make a reshuffle. Furthermore, the resignation was triggered by the report showing the reduction of the operating profit by 31%. The economic crisis had nothing to do with that, especially considering the fact that shares of other large companies rose in price. For example, the stocks of Volkswagen more than doubled, the ones of BASF and Bayer jumped by 42% and 55%, respectively. The investors and shareholders count on the new chairman, so everybody holds the breath waiting for Joe Kaeser to drag the company out of six-year stagnation. Kaeser started working for Siemens in 1980 and took some managing posts in the administrative and financial departments. In 2006, he obtained the position of chief financial officer. The company has not announced yet who is going to perform these functions.
