Siemens to Fire CEO This Week

Siemens AG says its supervisory board will decide on Wednesday about the "early departure" of President and CEO Peter Loescher and appoint his successor.

The company is expected to name CFO Joe Kaeser, a 33-year Siemens veteran, to the top job, Bloomberg News reports, citing unidentified sources.

Since Loescher was hired from Merck & Co. in 2007 to head Siemens, the company's financial results and stock price have been subpar, according to analysts. A series of acquisitions has fizzled.

Siemens has repeatedly lowered its earnings outlook. Last week the company warned investors that it doesn't expect to reach its turnaround goal of a profit margin of at least a 12% of sales in the fiscal year ending on Sept. 30, 2014.

Loescher told German newspaper Sueddeutsche Zeitung over the weekend that he has a contract with Siemens through 2017 and wants to stay.