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The CEO of Siemens, Peter Löscher, was forced to resign on July 27, after six years in the post, following a decision by the Board.
The resignation will cost the German hi-tech firm €9m, but given Löscher's "catastrophic results", it is a "praiseworthy decision," says German daily Die Welt, adding that the firm is suffering problems with production as well as its management –
High speed trains are slow to be completed and there are problems with the quality of the wind mills. [...] The firm has lost its reputation for impeccable business expertise.
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