When investigations began looking into corruption charges at 160 year-old German technology company Siemens AG, Chief Executive Klaus Kleinfeld pledged to restore the company's reputation. When the company's supervisory board wanted to postpone discussions about extending Kleinfeld's contract, he told them not to bother. According to Kleinfeld, "In times like these, the company needs clarity about its leadership. I have therefore decided not to make myself available for an extension of my contract." The following day, the company announced that there would probably be a "significant increase" in the amount of bribes being investigated at the company and that the US Securities and Exchange Commission had stepped up their investigation into Siemens.