Siemens Extends CEO's Contract For 5 Years

FRANKFURT, Germany (AP) — Industrial equipment maker Siemens AG says its board has extended CEO Peter Loescher's contract for another five years. Loescher, 53, became CEO in July 2007 and his contract was to run out on April 1, 2012. He has led the company as it works through the aftermath of a corruption scandal involving payoffs to win business under previous management.

FRANKFURT, Germany (AP) — Industrial equipment maker Siemens AG says its board has extended CEO Peter Loescher's contract for another five years.

Loescher, 53, became CEO in July 2007 and his contract was to run out on April 1, 2012.

He has led the company as it works through the aftermath of a corruption scandal involving payoffs to win business under previous management.

A company statement Wednesday said the board also extended the contracts of two other top executives — general counsel Peter Solmssen and Siegfried Russwurm, head of the company's industry sector.

Munich-based Siemens makes heavy industrial goods such as trains, streetcars, power generation and transmission equipment, and medical diagnostic machines.

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