Merkel calls for Siemens' return to 'calm waters'

[July 29, 2013]  FRANKFURT, Germany (AP) -- A German government spokesman says Chancellor Angela Merkel thinks it's important for Siemens AG "to return to calm waters" after the company's announcement that it plans to remove CEO Peter Loescher.

Spokesman George Streiter said Merkel considered Siemens "a flagship of Germany industry" while stressing that removing Loescher was "a company decision."

Siemens' stock dropped Thursday after it said it would miss its 2014 goal of 12 percent profit margin. On Saturday, Siemens announced its board of directors would decide Wednesday on Loescher's departure and choose another company executive as president and CEO.

Siemens makes industrial machinery such as power generation and transmission equipment, high-speed trains, and medical diagnostic machines. It has 370,000 employees, including 56,500 in the United States, and is active in 190 countries.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.