Siemens to Replace CEO as Loescher Fails to Mimic Peers
When in May 2007 Siemens AG (SIE), battered by corruption scandals, picked then little-known Merck & Co. executive Peter Loescher as its chief executive officer, investors responded by pushing the stock to a six-year high. This weekend, they lost patience after Loescher’s expansion into green energy and expensive acquisitions led to a fifth profit-forecast cut. Supervisory board officials have asked for the 55-year-old Austrian native to be ousted at what was a previously scheduled meeting to sign off on results on July 31.
That year he paid $418 million to buy Israel’s Solel Solar Systems and increased the stake in Italian solar thermal specialist Archimede Solar Energy to 45 percent. At the 2010 annual general meeting, the Harvard Business School MBA graduate, who at his first press conference said that Siemens needed to improve its marketing efforts, wore a green tie and called for a “green revolution.” Yet by this June, with Chinese companies undercutting prices in the solar market and the European sovereign debt crisis stunting infrastructure investment, the company announced it would shutter the solar unit. It had racked up losses of more than 1 billion euros.
At the same time, the power transmissions unit has been burdened by charges totaling 682 million euros since 2011 for delays in transmitting wind power to the grid. The company will probably be hit by another 100 million-euro charge for faulty land-based wind turbines, according to people familiar with the matter. The provisions join 343 million euros in charges for delayed train deliveries to Deutsche Bahn AG since 2011.
L’Allemagne, qui était citée en exemple par les éco-catastrophistes pour ses initiatives vertes, réalise depuis quelque temps que les énergies vertes n’apportent que des calamités…