ABB CEO set to step down
Joe Hogan announces decision to leave power giant
ABB’s CEO, Joe Hogan, has announced his decision to leave the power firm for private reasons. A decision on departure date has not yet been confirmed, and Hogan will remain in charge of the company until a successor is announced.
“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,” said ABB chairman Hubertus von Grunberg.
Hogan has been with the firm since September 2008, and has overseen around US $20 billion of investments during his tenure to strengthen the firm’s position.
Hogan commented: “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.”