At its meeting today, the Supervisory Board of Siemens AG reappointed Peter Löscher (53) to a five-year term as President and CEO of Siemens AG. Siegfried Russwurm (48) and Peter Y. Solmssen (56) were also reappointed members of the Managing Board of Siemens AG. With these reappointments, the Supervisory Board paid tribute to the successful work of the President and CEO and of both Managing Board members.
The three new employment contracts will come into effect on April 1, 2012, the final date of the current appointments. Peter Löscher has been President and CEO of Siemens AG since July 1, 2007. Peter Y. Solmssen has been a member of the Managing Board since October 1, 2007. He is head of Corporate Legal and Compliance at Siemens and serves as the company's General Counsel. Siegfried Russwurm, who has been a Managing Board member since January 1, 2008, is CEO of Siemens' Industry Sector and head of its Corporate Security Office.
As a rule, appointments are for five years. However, the related employment contracts generally include a provision whereby the appointment of a Managing Board member whose 60th birthday falls within his or her term of office is extended, thereafter, for one year at a time until the maximum five-year limit has been reached. This extension is automatic provided that neither party to the contract objects.