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Siemens AG CEO to Leave Post
April 25, 2007 |Estimated reading time: Less than a minute
MUNICH, Germany Klaus Kleinfeld, Ph.D., president and CEO of Siemens AG, will not renew his contract in October 2007, and did not indicate future plans with the company.
Kleinfield informed the company's supervisory board that he will not renew, citing a desire for clear corporate leadership and "complete freedom of action" at Siemens. Gerhard Cromme, Ph.D., accepted the decision and commended Kleinfeld's past two years of leading the company. He referred to Kleinfeld's work with Siemens as a strategic reorientation to sustain successes, and recognized efforts to manage a corruption investigation with transparency and compliance.
Kleinfeld and the managing board established a project structure with a defined strategy to steer the corruption investigation. Cromme reported that independent investigations by law firm Debevoise & Plimpton have found no indications of personal misconduct or that Kleinfeld had any knowledge of events related to the corrupt affairs.