ABB Chief Executive Officer Fred Kindle leaves the company due to ‘irreconcilable differences’ about leadership. The Board of Directors named Chief Financial Officer Michel Demaré as interim CEO.
Fred Kindle joined the company in September 2004 and took over as President and CEO in January 2005.
“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,” Chairman Hubertus von Grünberg said. “He successfully streamlined and strengthened the company’s operations around the world. Under his leadership, ABB today is a leading company in respect of growth, profitability and business ethics.”
von Grünberg claims that the change in leadership does not imply a change in direction or strategy. “We don’t want to change a winning concept. We’re aiming for the same as before,” he said.