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updated: 7/27/2011 9:01 AM

Siemens extends CEO contract for 5 years

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  • Siemens CEO Peter Loescher

      Siemens CEO Peter Loescher

 
Associated Press

FRANKFURT, Germany -- Industrial equipment maker Siemens AG says its board has extended CEO Peter Loescher's contract for another five years.

Siemens has local operations in Buffalo Grove, Deerfield, Chicago, Hoffman Estates, Schaumburg, Glen Ellyn, Elk Grove, Mundelein, Oak Brook, Rolling Meadows and Wood Dale.

Loescher, 53, became CEO in July 2007 and his contract was to run out on April 1, 2012.

He has led the company as it works through the aftermath of a corruption scandal involving payoffs to win business under previous management.

A company statement Wednesday said the board also extended the contracts of two other top executives -- general counsel Peter Solmssen and Siegfried Russwurm, head of the company's industry sector.

Munich-based Siemens makes heavy industrial goods such as trains, streetcars, power generation and transmission equipment, and medical diagnostic machines.

Siemens has local operations in Buffalo Grove, Deerfield, Chicago, Hoffman Estates, Schaumburg, Glen Ellyn, Elk Grove, Mundelein, Oak Brook, Rolling Meadows and Wood Dale.