Siemens chairman falls on his own sword

Although Pierer is not involved in the ingestigations, he will stand down because he said his duty lies to the firm and its 400,000 worldwide employees.

He said: "A personal responsibility in view of the current investigations was not the basis for my decisions."

Siemens is in a "difficult situation due to the in part apparent and in part alleged misconduct of a number of managers and employees," he said. "The sole reason for my decision today is to serve the best interests of Siemens."

Siemens will elect another supervisory chairman at the end of its financial year, but in the meantime Michael Mirow will take up Pierer's role. Pierer himself leaves on April 25th. µ