FILE - The Jan 23, 2013 file photo shows Peter Loescher, CEO of German industrial conglomerate Siemens, right, gesturing next to CFO Joe Kaeser during a news conference prior to the annual ... more 
FILE - The Jan 23, 2013 file photo shows Peter Loescher, CEO of German industrial conglomerate Siemens, right, gesturing next to CFO Joe Kaeser during a news conference prior to the annual shareholders meeting in Munich, southern Germany. Siemens has appointed finance chief Joe Kaeser as its new chief executive, handing a manager with over 30 years' experience at the industrial conglomerate the task of improving its fortunes after missed profit targets led to the departure of predecessor Peter Loescher. Siemens AG said Wednesday, July 31, 2013 its supervisory board unanimously chose the 56-year-old Kaeser. It said a new chief financial officer will be appointed "in due course." (AP Photo/Matthias Schrader) less 
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Associated Press | Photo By Matthias Schrader
Wed, Jul 31, 2013 7:49 AM EDT