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by Chris Chiappinelli, MA Editorial Staff Posted on Wednesday, February 13, 2008 2:54:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Fred Kindle's three-year stint as head of the automation company ends unexpectedly, prompting more questions than answers.
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| Keywords: | ABB Kindle, ABB CEO |
On what would otherwise be a day to celebrate, Swiss automation and engineering giant ABB Inc.'s record fourth-quarter revenue was overshadowed by the unexpected announcement of CEO Fred Kindle's departure. Citing "irreconcilable differences" over how best to direct the company's strategy, ABB said that Kindle, who assumed the top spot in 2005, has left the company. ABB CFO Michel Demaré has taken on the role of interim CEO while the company conducts an executive search of internal and external candidates for a permanent replacement. Under a barrage of analyst and media questions on a conference call today, Demaré and ABB Chairman Hubertus von Grünberg steadfastly refused to divulge the details that led to Kindle's departure. [Click to continue] |
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