Siemens Healthcare has announced that Erich Reinhardt will resign as CEO effective April 30, following new discoveries relating to a bribe scandal that rocked the former medical solutions division last year.
The Germany-based company had already acknowledged the existence of a $2.1 billion fund that paid for bribes for foreign contracts. In October, Siemens agreed to pay a fine of $317 million.
Reinhardt, who became head of Siemens Medical Solutions in 1994, has never been linked to the investigation.
Reinhardt’s successor is expected to be Jim Reid-Anderson, 49, previously the CEO of the company’s Diagnostics Division. Reinhardt will continue to serve as the business’ consultant.
The U.S. Securities and Exchange Commission is also currently investigating Siemens for developments in Germany.
