Last week, we had the reports that the pressure was on Siemens chairman Heinrich von Pierer to step down, an issue I examined here.


Von Pierer has finally bowed to the inevitable and announced he is stepping down.

He has denied responsibility for the bribery scandal, even though it happened on his watch, and his resignation is more about damage control. "I have always believed that one's duty to the company and its well over 400,000 employees worldwide must take priority over one's own interests." he said. "A personal responsibility regarding the current investigations was not the basis for my decision."

Von Pierer is highly respected in German corporate circles. He advised advised the former chancellor, Gerhard Schröder, and he now has the ear of Chancellor Angela Merkel.

Siemens shares rose on the news with analysts telling Bloomberg the way was now clear for the company accelerate its restructuring. Someone should tell them this story isn't over yet.

As the New York Times points out, it's unlikely to settle the lingering questions with revelations now coming out in the trial that Siemens managers were knee-deep in slush funds.

The fallout will continue for some time.