No More Excuses

Raghavan, Anita
April 2009
Forbes Asia;4/27/2009, Vol. 5 Issue 7, p46
The article focuses on the business plans of Peter Löscher, chief executive officer (CEO) of Siemens AG, to keep his company afloat during the economic meltdown. In fiscal 2008, Siemens netted $7.8 billion after posting a loss of $3.2 billion in the fourth quarter. Last summer, Löscher unveiled a plan to cut 17,000 jobs worldwide, part of his program to slash expenses by $1.6 billion by fiscal 2010. He has also reduced the number of boards to one management board from 200 or so.


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