Heinrich von Pierer will resign as supervisory board chairman of Siemens (NYSE:SI) in the coming days as twin scandals surrounding Europe's largest engineering group claim their first scalp and reach a new level of intensity.
The departure marks an ignominious end to the career of one of Germany's leading businessmen and an adviser to two successive chancellors.
Mr von Pierer is hoping to temper the public outcry about the scandals that have severely damaged Siemens' image and reputation as most of the alleged events took place during his time as chief executive from 1993 to 2005. These involve alleged bribery and the alleged financing of a rival to its main union.
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