The CEO of ABB (IW 1000/121), a Swiss engineering company, is resigning for “private reasons,” the company said.
CEO Joe Hogan has not yet set a date for his departure, but will remain on until a successor is named.
“This has been a difficult decision as I leave behind a strong and talented executive committee and a cohesive Board whose support I could always count on,” Hogan said. “I look forward to making a smooth transition with as little disruption as possible to the positive momentum that ABB has established.”
Hogan has headed ABB since 2008, after working for GE for more than 20 years.
While he was CEO, the company made $20 billion in internal investments, dedicating money to acquisitions as well as to R&D efforts.
“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,” Chairman Hubertus von Grünberg said. “Joe is a great and successful CEO and has done a remarkable job of leading the company through the deepest economic crisis in living memory. ABB today is in a much better position than it was when he joined five years ago.”
In April, ABB announced plans to acquire Power One, a California-based company specializing in renewable energy, for $1 billion. At the time, Hogan said the purchase would make ABB a “global player” in solar PV.
The ABB Group employs about 145,000 people in 100 countries.
