Siemens CEO to step down

The president and chief executive officer of German vendor Siemens, Klaus Kleinfeld, said this week that he will step down from his position when his contract expires in October.

The move comes as the vendor is under investigation over allegations of corruption.

“In times like these, the company needs clarity about its leadership,” said Kleinfeld. “Siemens can show major business successes today, yet at the same time is in the midst of an intensive investigation of corruption,” he said.