Electrical engineering conglomerate ABB has been making major moves into the renewable energy sector in recent years, driven by CEO Joe Hogan. Its most recent move was the acquisition of inverter manufacturer Power-One. However Hogan is now set to leave the Swiss-based company, although a date for his departure has not been set.
"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," said Chairman Hubertus von Grünberg, in a statement announcing the move. "I know this has been a tough and difficult decision for Joe and the Board sincerely regrets that Joe will be leaving the company."
In the statement, Hogan confirmed that it had been a difficult decision and committed to a smooth transition for his successor. "I have informed the board that I have decided to leave ABB," said Hogan. "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."
Hogan had overseen the growth of ABBs revenues since becoming CEO in 2008. He has been behind some of the largest acquisitions the Swiss-Swedish firm had ever undertaken. ABB had also made major moves into PV and renewable energy in that time also.
A successor to Hogan has not been announced.