Peter Loescher is the new CEO of Siemens

Siemens has announced that they have now appointed Peter as its new chief executive.

Loescher would be joining Siemens from U.S. drugmaker Merck where he was the head of global human health.

He would be joining Siemens starting July this year.

The company added that Klaus Kleinfeld will step down as Siemens president and chief executive on June 30, 2007.

Siemens has been looking for new leadership ever since they got rocked by a bribery scandal. Kleinfeld had earlier said that he would step down from his position as CEO once his contract expires at the end of September.

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