Swiss power and automation group ABB has announced that its CEO, Fred Kindle, is leaving the company due to irreconcilable differences about how to lead the company. The board of directors named CFO Michel Demare as interim CEO.
Mr 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.
ABB’s board said that it fully supports the strategic targets announced in September 2007 and reiterated that it is confident in the executive committee’s ability to drive the strategy forward. The board stated that it will immediately begin the search for a successor.
Hubertus von Grunberg, ABB’s chairman, said: 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. He successfully streamlined and strengthened the company’s operations around the world.