BERLIN—German engineering giant Siemens AG says it will be replacing its chief executive, who has drawn the ire of shareholders by failing to meet profit targets.

Siemens said in a statement late Saturday that its board will meet Wednesday to "decide on the early departure of the president and CEO" Peter Loescher.

A replacement will also be named.

Loescher, an Austrian, became CEO of Siemens six years ago. His hold on the job has grown shaky, especially in recent days after the company again issued a profit warning.

It was not immediately clear whether he would offer his resignation or be forced out.

Siemens is a heavyweight in Germany's engineering industry with interests in high-speed rail, advanced medical technology, robotics and power generation.