Siemens chairman says will stay until 2018

Nov 16, 2013, 5:58 PM EST
REUTERS/Tobias Schwarz

Siemens chairman Gerhard Cromme says he plans to remain chairman of German engineering group Siemens until his contract ends in 2018. He told the German magazine Focus that his chairmanship provides continuity at a company undergoing a top management shakeup. There have been calls for Cromme to stand down so the company can make a fresh start. New Chief Executive Joe Kaeser took over in July after the ousting of Peter Loescher following a series of profit warnings. Kaesar has promised a reorganization plan by Spring.