STANFORD GRADUATE SCHOOL OF BUSINESS —How do you go about restoring trust in a 162-year-old company rocked by one of the worst corruption scandals in corporate history? That was the challenge facing Peter Löscher when he joined German conglomerate Siemens AG as president and CEO three years ago.
In 1998 the electronics and manufacturing powerhouse was fined a record US$1.34 billion for paying bribes and kickbacks to secure contracts. Löscher, a former General Electric and Merck executive, was hired in 2007 after Siemens executives had been tainted by the scandal as the first outsider to lead the company.
See full Article.
Posts
