Finance Chief Joe Kaeser has replaced Peter Loescher as Chief Executive of German engineering giant Siemens, the company said on Wednesday.
Loescher has been head of Siemens for six years. The Austrian’s time in charge coincided with a period of global uncertainty sparked by the debt crisis in the eurozone and a slowdown in growth in key export markets such as China.
His contract had been due to expire in 2017.
Siemens had announced Saturday that its supervisory board would meet to consider the appointment of a new Chief Executive after it issued its second profit warning in three months.
There has also been criticism of Loescher over problems at Siemens, including late delivery of high-speed trains in the development of its alternative energy sector.
Siemens employs some 370,000 people.