When he became the first outsider to take on the top role at Siemens in July 2007, Peter Löscher was faced with the daunting task of reforming the 162-year-old company in the wake of a large bribery scandal that had left it badly damaged.

Two years on, investors say the chief executive has pushed through a larger revamp than others would have achieved in a decade. In large part the scandal helped, because it eased resistance to change from the traditionalists in the organisation.