In the midst of ongoing corruption scandals, Siemens Board Chairman Heinrich von Pierer resigned late yesterday in an attempt to turn negative attention away from the company. The German electronics firm has been mired in a series of bribery investigations. Von Pierer's departure leaves CEO Klaus Kleinfeld as the top executive.
"Despite its outstanding business performance, Siemens has run into a difficult situation due to in part apparent and in part alleged misconduct of a number of managers and employees," said von Pierer in a statement. "The sole reason for my decision today is to serve the best interests of Siemens."