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Siemens CEO Quits

Klaus Kleinfeld won't renew his contract.
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Siemens (SI) - Get Free Report shares dropped 4% after CEO Klaus Kleinfeld quit.

The German engineering giant said Kleinfeld, who has been its CEO since 2005, "is not available for a renewal of his contract, which expires on Sept. 30."

The news comes as the company has been swept by a corruption scandal that has seen a number of its top executives investigated. Kleinfeld hasn't been implicated and has hired outsiders to probe the company's practices, but he said Wednesday that he believes he should step down because Siemens should have "complete freedom of action,"



Siemens fell $4.56 to $119.86.