Siemens board members to discuss future management: sources

Published July 26, 2013

| Reuters

Members of Siemens' supervisory board will meet over the weekend to discuss the future composition of the German engineering group's management, two people familiar with the matter said on Friday.

The move comes only days after Siemens abandoned its 2014 profit margin target, adding to signs that Chief Executive Peter Loescher is struggling to turn the engineering group around.

Siemens' supervisory board comprises 20 members, of whom half represent the interests of workers and the other half those of shareholders.

The two sides are due to meet separately over the weekend ahead of a joint meeting scheduled for next week Wednesday, the sources said. Siemens is scheduled to publish its fiscal third-quarter financial results on Thursday.

Siemens declined to comment on the matter.

(Reporting by Jens Hack; Writing by Maria Sheahan; Editing by Christoph Steitz)

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