Peter Löscher Explained

Peter Löscher

Peter Löscher (born 17 September 1957 in Villach, Austria) is an Austrian manager who was the CEO of Siemens from 2007 until 2013. As of 2017, Löscher remains as the only CEO to be hired from outside the conglomerate in the 170-year history of Siemens.[1] Before joining Siemens, he worked as president for Global Human Health at global pharmaceutical company Merck & Co.

Early life and education

Löscher graduated from Gymnasium Villach/Austria in 1978 and got a master's degree at the Vienna University of Economics and Business Administration. Later he attended but did not obtain a degree from an MBA program at the Chinese University of Hong Kong, and attended the six-week Advanced Management Program (AMP) at Harvard Business School. In 2007 he received the honorary degree of Doctor of Engineering from Michigan State University.[2]

Career

Early career

From 1988 until 2000 he worked for the German pharmaceutical company Hoechst in Spain, Japan, Great Britain and the United States. After Hoechst merged with Rhone-Poulenc he stayed at Aventis until 2002.[3] He then joined Amersham, which was taken over by General Electric. In 2006 he became a member of the executive board of the US pharmaceutical company Merck.[4]

Siemens

In 2007 Löscher became the first CEO of Siemens AG to be appointed from outside the company.[5] He was appointed on 20 May 2007 as the successor of Klaus Kleinfeld, and was selected to take on the new position on 1 July 2007.[6] Under Löscher, Siemens spun off its Osram lighting unit and sold its half of a joint venture with Nokia that supplied equipment for mobile telecommunication networks.[7] In 2012, he earned 8.7 million euros.[8] In late 2012, he initiated efforts to save 6 billion euros ($7.7 billion) over the following two years.[9]

In his capacity as CEO, Löscher accompanied Chancellor Angela Merkel on various state visits, including to China in 2012.[10]

Following a series of missteps under his leadership, including a late delivery of high-speed ICE trains for German national railroad Deutsche Bahn and delays in completing offshore wind turbine projects,[11] he was replaced by Joe Kaeser (Josef Käser) as CEO and left Siemens in July 2013,[12] four years before the end of his contract.[13]

Later career

Under the terms of his pay-off of 17 million euros from Siemens,[14] Löscher was obliged not to work for a "significant competitor" of the company until September 2015.

In 2014, Löscher was hired by Russian billionaire Viktor Vekselberg to serve as chief executive of Renova Management (RMAG), which oversees his international industrial holdings, including stakes in Sulzer and in Oerlikon.[15] He left Renova in 2016, amid disagreements with Vekselberg.[16]

Also in 2014, Russian Railways (RZD) nominated Löscher as member of the company’s board of directors;[17] however, he ultimately wasn’t considered.[18]

In Munich, Löscher shares an office with Ann-Kristin Achleitner, Paul Achleitner, Michael Diekmann and Joachim Faber.[19]

Other activities

Corporate boards

Non-profit organizations

Personal life

Löscher speaks German, English, French, Spanish, and Japanese.[37] He and his Spanish-born wife have three children. According to an interview in The New York Times, Löscher was the captain of the volleyball team at high school and college.[38]

Further reading

Notes and References

  1. Spiegel Online, 21 May 2007 "Peter Löscher, an Outsider, Named New CEO"
  2. http://www.siemens.com/about/pool/management-structure/mb-pdf/biography_loescher.pdf Siemens
  3. Nicola Leske (20 May 2007), Merck's Loescher to be Siemens' first outsider CEO Reuters.
  4. Web site: Merck Names Peter Loescher to Newly Created Position of President, Global Human Health; Health Care Industry Veteran with Broad Global Experience to Lead Merck's Marketing and Sales Operations Worldwide. 2006-04-03. www.businesswire.com. en. 2019-07-24.
  5. News: Angela Monaghan . Siemens chief executive, Peter Loescher, heading for the exit . theguardian.com . 2013-07-29 . 2014-08-09.
  6. http://www.merck.com/newsroom/press_releases/corporate/2007_0520.html Merck Announces Resignation of Peter Loescher, President, Global Human Health
  7. Jack Ewing (28 July 2013), Siemens to Oust Chief After String of Setbacks The New York Times.
  8. Chris Bryant (27 November 2013), Loescher to get €17m pay-off from Siemens Financial Times.
  9. Maria Sheahan (8 November 2012), Siemens to sharpen its game with $7.7 billion of savings Reuters.
  10. Christian Geinitz (4 February 2012), Besuch der Kanzlerin: China will Europa nicht aufkaufen Frankfurter Allgemeine Zeitung.
  11. Jack Ewing (28 July 2013), Siemens to Oust Chief After String of Setbacks The New York Times.
  12. News: Siemens to Oust Chief After String of Setbacks. Jack Ewing. 28 July 2013. The New York Times.
  13. Jack Ewing (27 July 2013), Siemens CEO to leave following profit warning Reuters.
  14. Chris Bryant (27 November 2013), Loescher to get €17m pay-off from Siemens Financial Times.
  15. Chris Bryant and Arash Massoudi (18 September 2014), Ex-chief poses dilemma for Siemens Financial Times.
  16. Sven Clausen (18 April 2016), Peter Löschers Trennung von Oligarch Vekselberg: Matschschlacht um Ex-Siemens-Chef Löscher Manager Magazin.
  17. https://www.derstandard.at/story/2000008947511/loescher-wird-nicht-russischer-bahnaufseher https://www.nzz.ch/newsticker/russische-bahn-holt-peter-loescher-in-verwaltungsrat-ld.1031661 Russische Bahn holt Peter Löscher in Verwaltungsrat
  18. https://www.derstandard.at/story/2000008947511/loescher-wird-nicht-russischer-bahnaufseher Löscher wird nicht russischer Bahnaufseher
  19. Henning Peitsmeier and Klaus Max Smolka (22 May 2017), Die geheime Machtzentrale in München Frankfurter Allgemeine Zeitung.
  20. Sandra Louven (21 February 2023), Ex-Siemens-Chef soll Aufsichtsrat bei Caixabank in Spanien werden Handelsblatt.
  21. https://www.salesforce.com/company/news-press/stories/2020/5/salesforce-emea-board/ Salesforce Appoints Advisory Board to Support Growth in EMEA
  22. Tanja Kewes (1 June 2020), Ex-BMW-Chef Krüger arbeitet nun für kanadischen Pensionsfonds Handelsblatt.
  23. https://www.philips.com/a-w/about/news/archive/standard/news/press/2019/20191217-philips-to-nominate-feike-sijbesma-and-peter-loscher-as-members-of-the-supervisory-board.html Philips to nominate Feike Sijbesma and Peter Löscher as members of the Supervisory Board
  24. https://www.telefonica.de/news/corporate/2020/02/peter-loescher-mitgleid-aufsichtsrat-telefonica-deutschland.html Telefónica Deutschland Holding AG: Peter Löscher soll Mitglied des Aufsichtsrats von Telefónica Deutschland werden
  25. https://www.manager-magazin.de/unternehmen/artikel/peter-loescher-ex-siemens-chef-wird-aufsichtsrat-bei-telefonica-deutschland-a-1304821.html Neuer Job für Peter Löscher
  26. https://www.telefonica.com/en/web/press-office/-/the-board-of-directors-of-telefonica-approves-the-appointment-of-jose-maria-alvarez-pallete-as-exceutive-chairman The Board of Directors of Telefónica approves the appointment of José María Álvarez-Pallete as Executive Chairman
  27. Christian Teevs (3 February 2013), Peter Löscher: Siemens-Chef überwacht Milliarden-Imperium von Thyssen-Erben Der Spiegel.
  28. https://www.sulzer.com/en/shared/news/180404-peter-loescher-reelected--as-chairman-of-sulzers-board-of-directors Peter Löscher reelected as Chairman of Sulzer’s Board of Directors
  29. Hans-Peter Siebenhaar (14 September 2018), Ex-Siemens-Chef Löscher tritt bei OMV als Chefaufseher ab Handelsblatt.
  30. https://www.omv.com/en/news/peter-l-scher-announced-his-resignation-as-chairman-of-the-omv-supervisory-board-at-the-annual-general-meeting-2019 Peter Löscher announced his resignation as Chairman of the OMV Supervisory Board at the Annual General Meeting 2019
  31. https://annualreport.deutsche-bank.com/2011/ar/supplementaryinformation/advisoryboards.html 2011 Annual Report: Advisory Boards
  32. Axel Höpner, Yasmin Osman and Hans-Peter Siebenhaar (14 March 2017), Ex-Siemens-Chef zieht sich aus Deutschland zurück Handelsblatt.
  33. https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2009/2009-04-22-munich-re-consistent-risk-management-pays-off-in-the-crisis.html Munich Re: Consistent risk management pays off in the crisis
  34. https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2014/2014-03-19-munich-re-changes-on-the-board-of-management-and-proposals-for-election-to-the-supervisory-board.html Munich Re: Changes on the Board of Management and proposals for election to the Supervisory Board
  35. https://www.smiths.com/news-and-media/2007/04/smiths-appoints-new-non-executive-director Smiths appoints new non-executive director
  36. https://www.unibocconi.eu/wps/wcm/connect/Bocconi/SitoPubblico_EN/Navigation+Tree/Home/about+us/organization/International+Advisory+Council/ International Advisory Council
  37. Nicola Leske (20 May 2007), Merck's Loescher to be Siemens' first outsider CEO Reuters.
  38. News: As Soon As You Believe That You Are On Top Of The Game, You Probably Have Lost It. Patricia Laya. Business Insider. 2 August 2011. dead. https://archive.today/20130119005054/http://articles.businessinsider.com/2011-08-02/strategy/30074807_1_business-advice-mistakes-volleyball-team. 19 January 2013. dmy-all.

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