German engineering giant Siemens AG appears set to replace CEO Peter Loescher following the announcement of another reduction in the company's profit expectations despite ambitious cost-cutting plans.

In a statement, Siemens said a meeting of company’s supervisory board would be convened on July 31 to “decide on the early departure of the president and CEO,” Peter Loescher and select his replacement. The Austrian-born Loescher was appointed CEO of Siemens in 2007 following a lengthy career in the…