Siemens CEO steps down

news
Apr 25, 20071 min

Klaus Kleinfeld asks that his contract not be renewed when it expires in October

Klaus Kleinfeld, president and CEO of Siemens, told the company’s supervisory board at its meeting Wednesday that he is no longer available for a renewal of his contract, which expires Oct. 1, 2007.

Kleinfeld based his decision on the supervisory board’s current discussions about postponing an extension of his contract again, he said in a statement.

“In times like these, the company needs clarity about its leadership,” he said. “I have therefore decided not to make myself available for an extension of my contract.”

Speculation was rife that Kleinfeld would receive a 1-year contract — or even possibly no contract — ahead of the supervisory board meeting.

Siemens has been engulfed in a long-running corruption saga, which saw its supervisory board chairman and former CEO Heinrich von Pierer resign last week.