Siemens CEO: I didn't knife Peter Loescher

The new Siemens CEO Joe Kaeser says he played no role in his predecessor’s ousting after his ex-boss was spectacularly fired last week

Rumours have been flying that Joe Kaesar had played a brilliant Game of Thrones style campaign which poisoned Peter Loescher’s influence with the Siemens board.

The rumours are so persistent that he has had to take the extraordinary step of denying them to a German newspaper.

Loescher was dumped in a boardroom battle after the company issued its second profit warning of the year last week. Kaeser, previously finance chief at Siemens, became the company’s new CEO pretty quickly afterwards.

The German daily Nuernberger Nachrichten quoted Kaeser as saying he worked very well with Loescher and was not involved in his replacement.

That probably does not deal with the persistent rumors over the past year that Kaeser had his eye on Loescher’s job and that there was considerable friction between the two execs.

Both have insisted that they worked well together.

“The fact is that the supervisory board had to decide whether my predecessor should remain in office, and if not, who should succeed him. Those are two completely separate processes,” Kaeser told Nuernberger Nachrichten.

To be fair to Kaeser, Loescher did seem to be making a few big mistakes. After initially turning the outfit around, his latest cunning plans had left Siemens lagging behind rivals such as General Electric.

Kaeser reiterated that he aims for Siemens to close the gap with competitors with a back to basics approach.

He wants Siemens to develop pumps used for fracking and create tools for uninterrupted electricity, as well as cooling supplies for server farms.