Peter Löscher was dropped for failing to reach targets and react to the global financial crisis, amid reports of a power struggle.
The German engineering giant is expecting bumper profits in the wake of a massive restructuring that will also cut thousands of jobs. But Siemens believes a new, leaner structure is vital for long-term growth.
German industrial conglomerate Siemens has seen a pickup in bottom-line earnings for its third quarter, beating analysts' expectations. But the firm's energy units recorded a marked drop in large contracts.
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