- 13 February 2008 -

ABB CEO resigns

Fred Kindle has resigned as CEO of ABB due to "irreconcilable differences about how to lead the company," according to a press release. CFO Michel Demaré has been named as 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," said ABB chairman Hubertus von Grünberg.

"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."

www.abb.com

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