The board of directors for German vendor Siemens voted in Peter Loscher as its new president and CEO on Sunday.

Loscher, currently president of global human health at pharmaceutical giant Merck & Co., will replace the outgoing Klaus Kleinfeld, when he steps down at the end of June.

“In Peter Loscher, we have found an exceptional individual for the office of president and CEO of Siemens. His upright character, his global background, his outstanding international reputation and his wide-ranging experience in business development and strategy, the financial markets and technology-related issues were the key factors in our decision,” said Gerhard Cromme, chairman of Siemens’ supervisory board.

“I am convinced that Mr. Loscher has what it takes to steer Siemens through its current difficulties and into a better future.”

In addition, the supervisory board also approved the proposal of the chairman’s committee to appoint Heinrich Hiesinger to the managing board of the manufacturer.

Hiesinger is currently group president of Siemens Building Technologies.

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