Siemens was thrown deeper into turmoil on Wednesday after Klaus Kleinfeld said he would resign as chief executive of Europe’s largest engineering group by the end of summer. Siemens has now lost two top officials within days amid the biggest corporate corruption scandal in Germany. Investors said an outside candidate could fill the role, but expressed concern that Siemens’ restructuring would slow down. The FT’s European View column says the bribery scandal now appears to have been an excuse for some board members – and Deutsche Bank’s Josef Ackermann – to mount a coup against Siemens’s youthful and self-confident chief executive.

This entry was posted by Gwen Robinson on Thursday, April 26th, 2007 at 5:48 and is filed under Capital markets, People. Tagged with klaus kleinfeld, siemens. Edit this entry.