Knowledge@wharton

It would be hard enough under any circumstances to become the first outsider named to lead a 161-year-old global conglomerate but Peter Löscher faced a unique challenge last summer when he assumed the reins at Siemens AG -- the German-based engineering and healthcare giant. During a recent Wharton leadership lecture series Löscher openly acknowledged that his first and most difficult task was dealing with the aftermath of a scandal that included allegations of bribes to foreign governments and union leaders. In his presentation Löscher emphasized the importance of corporate culture and standards. Corruption he said at one point ”is not a sustainable business model.” See acast.com/privacy for privacy and opt-out information.