Siemens CEO calls it quits

Stephen Beard Apr 26, 2007
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Siemens CEO calls it quits

Stephen Beard Apr 26, 2007
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MARK AUSTIN THOMAS: Klaus Kleinfeld is the CEO of Siemens, the German electronics giant. But not for long. Kleinfeld says he’s not renewing his contract with the company and will walk out the door in September. All this stems from a corruption scandal that has enveloped Siemens. More from Stephen Beard.


STEPHEN BEARD: He’s not himself actually implicated in the scandal. He’s been exonerated, but it’s quite clear he’s come under a lot of pressure to quit from the company’s supervisory board.

The allegation is, and prosecutors are now investigating these allegations that some current and former employees at Siemens paid bribes — $260 million worth — to secure business overseas.

This isn’t just about bribery however. There’s a separate investigation underway of dirty tricks.

The allegation is that Siemens secretly funded a union to rival and undermine Siemens main union, IG Metall.

Marketplace’s Stephen Beard in London.

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