Siemens, Europe’s largest engineering company, has lost patience with its CEO after Peter Loescher’s expansion into green energy and expensive acquisitions led to a fifth profit-forecast cut.
Supervisory board officials have asked for the 55-year-old Austrian native to be ousted. A key element of Loescher’s growth strategy was the 2009 announcement that he would transform Siemens into a “green infrastructure giant”, heralding a drive into solar technology to promote Siemens as a partner for companies and governments keen to use more renewable energies. At the 2010 annual general meeting, he wore a green tie and called for a “green revolution.” Since Loescher took over in July 2007, the shares have declined 22 percent.
Suggested musical accompaniment: http://www.youtube.com/watch?v=BKnmNll1AbM
Pixie dust and unicorn farts meets market economy and physics.
At least in private industry when the guy at the top screws up you can kick his butt to the curb. When politicians (cough,McGuinty, cough) throw away a billion dollars, they prorogue parliament and run away to Harvard to teach. Until it’s time to collect his six-figure pension.
Yeah – that there ‘green’ stuff? It don’t always fish em in.
Like all green products … they don’t work. I bought some GREEN deck cleaner stuff to clean the slime and stain off my cedar deck. It was expensive and it didn’t work. I went I bought a jug of Javex and it worked instantly … and it was cheap. Never again will I wast a penny of green products …. because THEY DON’T WORK!
Europeans! What a bunch of Dummies!
I mean, all they had to do was copy Dildo McDinky’s brilliant Green Energy Plan and they’d have been on the road to success.
You just can’t help some people.
It would have worked if the damned politicians came through with the promised cash for this “green” crap. How was I to know they would make promises they could not keep?
-Peter Loescher ranting as his secretary packs up his desk.
Like all green products … they don’t work.
Many of them work just fine for me. Perhaps you’re just not using them correctly?
It will be interesting to see if the Siemens rampant funding of PBS comes to an abrupt halt. I would take that as a sign of seriousness and invest.