The supervisory board of Siemens AG met over the weekend to talk about CEO Peter Loescher's ouster. Loescher's successor, Joe Kaesner, traveled 110 miles from his southern German home state to accept the new position in the company. Siemens AG, Europe's biggest engineering firm, announced naming the new chief executive officer of the company yesterday.

Joe Kaesner has worked at the Munich-based firm for 33 years and considered an insider at the firm. Siemens AG is looking for an insider boost after naming the veteran Kaesner as its new company head. Seven others were also appointed as new financial officials in the firm.

The new CEO has proven his ability after winning plaudits from investors with his communication skills. He was also noted for his efforts to sell underperforming businesses. His experience in managing several firm subsidiaries in California and Asia were also noted. Kaeser's will sit as the new CEO in Siemens AG's main power centers located in Munich and Erlangen.