Siemens (NYSE: SI) announced on Sunday that it has named a new chief executive, as the industrial conglomerate attempts to reshape its image in the midst of various corruption investigations.

The firm's supervisory board said that on July 1, Merck executive Peter Löscher will replace outgoing chief executive Klaus Kleinfeld, who resigned last month after the company's supervisory board refused to give him a contract extension.

"In Peter Löscher, we have found an exceptional individual for the office of President and CEO of Siemens AG, said Gerhard Cromme, Chairman of Siemens' Supervisory Board in a statement. I am convinced that Mr. Löscher has what it takes to steer Siemens through its current difficulties and into a better future.

Cromme recently replaced Heinrich von Pierer who resigned amid investigations into alleged bribes made by company employees and managers.

Löscher is currently the president of the Global Human Health unit at Merck, overseeing 35,000 employees.

The 49-year-old Austrian will become the first CEO hired from outside the company in its 160-year history.

American Depositary shares of Siemens fell 50 cents, or 0.4 percent to $124.65 in early trading on the New York Stock Exchange.

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