Statement of the President and CEO of Siemens AG – Peter Löscher

This difficult decision was accompanied by gratitude to the Siemens family and to those Supervisory Board members and Siemens employees who have supported me throughout my tenure, not just in the early days, but particularly in the last months when many have expressed their continued support and the wish that I remain.

However, during the past week I came to the conclusion that the foundation of trust necessary for me to remain was lacking. A foundation of trust, and unity between a Supervisory Board and a Managing Board, is necessary for every company. The good of the company takes precedence over the interests of any individual, including me.

It would be disastrous for the company's future, and for its employees, if its progress in setting a new course, resolving past mistakes, returning to profitable growth, and creating a new company culture were jeopardized by this lack of trust. Since 2007, we of the Managing Board and the members of Supervisory Board have together made key decisions about the company's future direction. In the last two years these decisions enabled us to achieve the best operational results in the company's history.

This company is on the right course. I wish my successor good luck and much success so that Siemens will continue to play a leading role in international competition, and at the forefront of German industry. That is what this great company and its employees deserve.

Follow us on Twitter at: http://www.twitter.com/siemens_press