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ABB executive to quit after five-year tenure

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ABB executive to quit after five-year tenure
10:49 CEST+02:00
Swiss-Swedish engineering giant ABB said on Friday its chief executive Joe Hogan had decided to leave the company "for private reasons," but stressed he would remain on board until a successor had been found.

"I have informed the board that I have decided to leave ABB. This has been a difficult decision," Hogan, who took over the helm of the company in 2008, said in a statement.

ABB said no date had yet been set for Hogan's departure and that he would stay on until a successor had been announced.

"He is committed to a smooth transition," the company said.

Born in 1957, Hogan spent 23 years at US group General Electric before moving to ABB five years ago.

During his tenure, the Swiss-Swedish engineering behemoth has invested around $20 billion in strengthening the company, including in a number of acquisitions and in expanding research and development.

"Under Joe's leadership ABB's competitiveness has significantly improved by investing boldly in measures to drive growth and innovation, and by carefully managing costs," company chairman Hubertus von Gruenberg said.

He hailed Hogan as "a great and successful CEO (who) has done a remarkable job of leading the company through the deepest economic crisis in living memory."

AFP/The Local/at

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