The bealeguered Siemens has seen the departure of another high-level executive. Albrecht Schaefer, former head of compliance, and the individual who presided over the firm's ethics regime while the massive bribery took place, has been let go.

The move had been rumored for several weeks in the German press and Debevoise & Plimpton, the law firm drafted by Siemens to manage its internal investigation had also reportedly been pushing for Schaefer's ouster.

For more on the Albrect Schaefer departure, check out The Ethical Corporation.

Meanwhile, the Siemens bribe total keeps getting higher...now topping $1.35 billion. Details on that front here.

-- MDT

Labels: Albrecht Schaefer, bribery, Debvoise and Plimpton, Siemens