“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. I look forward to making a smooth transition with as little disruption as possible to the positive momentum that ABB has established.”
Hogan will continue to lead ABB 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,” said Hubertus von Grünberg, chairman. “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, including major investments in acquisitions and R&D.
“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,” von Grünberg added.
For more information, visit www.abb.com.
Publication date: 5/13/2013