ABB chief to step down

by The City Wire staff ([email protected]) 53 views 

ABB Chief Executive Officer Joe Hogan has decided to leave ABB for private reasons, according to a company statement issued Friday (May 10).

Zurich, Switzerland-based ABB is the parent company of Baldor Electric Co., and Hogan presided in 2010-2011 over the $4.2 billion buyout of Baldor.

A date for his departure has not yet been decided. Hogan will continue to lead ABB until a successor is announced. He is committed to a smooth transition.

“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,” Chairman Hubertus von Grünberg said in a statement. “I know this has been a tough and difficult decision for Joe and the Board sincerely regrets that Joe will be leaving the company.”

Hogan joined ABB as CEO in September 2008. During his time at the helm, ABB has invested about $20 billion to strengthen the company. Major investments have been made in acquisitions and in R&D to help secure ABB’s technological leadership in power and automation.

“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,” CEO Hogan said.

ABB produces, markets and distributes power and automation technologies that enable utility and industry customers to improve their performance while reducing expenses. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.