Siemens to name new CEO

German vendor Siemens could pick a new chief executive officer over the weekend, as it emerges that an extraordinary meeting of the supervisory board will take place on Sunday.

Reports suggest the board will seek to nominate and vote on a new CEO to replace outgoing president and chief executive, Klaus Kleinfeld.

Kleinfeld said in April 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.