Siemens CEO departing early

After announcing a profit margin miss, Siemens said it is planning for the early departure of its president and CEO Peter Loescher.

The supervisory board of Siemens AG will meet on Wednesday and decide on a hurried up date for Loescher to leave. It will also appoint a member of the managing board to fill the role of president and CEO.

The company is expected to release its 3Q on Thursday after the board meeting.

On Thursday Siemens said it would no longer achieve a profit margin of at least 12 percent by fiscal 2014 due to lower market expectations.

The German engineering group had around 370,000 employees worldwide. It's mining services division provides services such as extraction and transportation to beneficiation and secondary processes of raw materials.

Image of Peter Loescher laying the foundation stone for Siemens new HQ.