ABB Chief Exec quits ‘on personal grounds’
Morven McLean · 10 May 2013, 10:35
Published: 10 May 2013 10:35 GMT+02:00
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In a statement on Friday ABB said Hogan had decided to go “for private reasons”. A date for his departure had not yet been decided.
The 56-year-old US citizen will continue in his post until a replacement is found and is committed to a smooth transition, the company said.
“I have informed the board that I have decided to leave ABB. This has been a difficult decision,” it quoted Hogan as saying.
The background to Hogan’s decision remains unclear. A spokesman told the Swiss news agency SDA there had been no dispute between him and the ABB board.
Nor were there operative or health reasons.
It’s also not clear whether Hogan intends to return to the US.
“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,” said Chairman Hubertus von Grünberg.
“ABB today is in a much better position than it was when he joined five years ago.”
“The Board sincerely regrets that Joe will be leaving the company,” von Grünberg said.
Hogan joined ABB as CEO in September 2008. During his time at the helm, ABB has invested about $20 billion to strengthen the company, the statement said.
Major investments have been made in acquisitions and in R&D.
ABB is a leader in power and automation technologies. The ABB Group operates in around 100 countries and employs about 145,000 people.