Siemens chief executive steps down

Klaus Kleinfeld, president and chief executive of Siemens, has told the company's supervisory board that he is no longer available for a renewal of his contract, which expires 1 October.

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Klaus Kleinfeld, president and chief executive of Siemens, has told the company's supervisory board that he is no longer available for a renewal of his contract, which expires 1 October.

Kleinfeld based his decision on the supervisory board's current discussions about postponing an extension of his contract again, he said in a statement.

"In times like these, the company needs clarity about its leadership," he said. "I have therefore decided not to make myself available for an extension of my contract."

Speculation was rife that Kleinfeld would receive a one-year contract - or even possibly no contract - ahead of the supervisory board meeting.

Siemens has been engulfed in a long-running corruption saga, which saw supervisory board chair and former chief executive Heinrich von Pierer resign last week.

Lat month, police arrested Johannes Feldmayer as part of an investigation into payments from Siemens to the head of the AUB trade union organisation, in a case that is not related to the wider corruption investigation.

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