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November 16, 2013 AT 7:27 AM
Siemens chairman Gerhard Cromme plans to stay in his post until his contract ends in 2018, German magazine Focus reported on Saturday, saying he had made his intention clear to close colleagues inside the engineering conglomerate. The magazine said there had been increasing speculation that the 70-year-old might step down from office early, after critics argued his departure would afford the company a fresh start.