ABB chief executive officer Fred Kindle is leaving the company due to irreconcilable differences about how to lead the company. The board of directors named chief financial officer Michel Demaré as interim CEO.
Fred Kindle joined the company in September 2004 and
took over as president and CEO in January 2005. He oversaw a period of strong
organic growth and a return to profitability at ABB.The board fully supports
the strategic targets announced in September 2007 and is confident in the executive
committee’s ability to drive the strategy
forward. The board will immediately begin the search
for a successor.
“The board is very thankful to Fred Kindle for driving
the company to the extraordinary level of performance it achieved over the last
three years,” chairman Hubertus von Grünberg said. “He successfully streamlined
and strengthened the company’s operations around the world. Under his
leadership, ABB today is a leading company in respect of growth, profitability
and business ethics.”
ABB CEO Fred Kindle leaves company
February 18, 2008