ABB, Chief Executive Officer Joe Hogan has decided to leave ABB for personal reasons. While there has been no disclosure on the date of his exit, he will continue in his role till a successor is identified. In a statement released by the company it was conveyed that Joe is committed to a smooth transition.
Hogan has been with ABB as CEO in September 2008. During his tenure as CEO, ABB has has invested about $20 billion towards strengthen the company. During this period the company invested aggressively in acquisitions and in R&D to secure ABB’s technological leadership in power and automation.
In a statement – 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,”. “I know this has been a tough and difficult decision for Joe and the Board sincerely regrets that Joe will be leaving the company.”
Hubertus von Grünberg added – “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,”.
On the announcement of his decision to leave – CEO Hogan said – “I have informed the board that I have decided to leave ABB. 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. I look forward to making a smooth transition with as little disruption as possible to the positive momentum that ABB has established,”