Siemens on Sunday named Merck's Peter Loscher as its new president and CEO in the wake of recent scandals that have plagued the company.

Loscher, currently serving as president of global human health for Merck in New Jersey, will replace Klaus Kleinfeld on June 30. In April, Kleinfeld told Siemens' supervisory board that he was stepping down, choosing not to renew his contract, due to expire on Oct. 1. Prior to joining Merck, Loscher served on the corporate executive council of Siemens rival General Electric.

The native Austrian joins Siemens in the wake of investigations into bribery allegations by authorities in Germany and the United States, including the U.S. Securities and Exchange Commission and U.S. Department of Justice. In March, German police arrested Siemens board member Johannes Feldmayer as part of their investigation into the alleged bribery of the head of a German labor organization.

Kleinfeld has denied wrongdoing, and no charges have been filed against him. The investigations are ongoing.

Despite the taint of corruption, Siemens' most recent financial results indicate the company is on the right track. In April, the company reported a 36 percent increase in net income for its fiscal second quarter, with 10 percent year-on-year growth.