Engineering giant Siemens has appointed a new chief executive after reporting a drop in its third-quarter profits.
Former chief executive Peter Loscher resigned yesterday from the board after being blamed for failing to resolve delays in some of the group's key projects.
A final decision is still awaited on Siemens' proposals to build an offshore wind turbine plant in Hull.
Mr Loscher was instrumental in the decision by Siemens to commit to investing in a UK-based wind turbine facility back in 2010. Hull was identified as the company's preferred location a year later.
New chief executive Joe Kaeser said: "We have been too preoccupied with ourselves lately and have lost some of our profit momentum vis-a-vis our competitors.
"My declared aim is to put Siemens back on an even keel and create a high-performance team."
