ABB CEO to step aside
ABB chief executive officer Joe Hogan announced this month that he will leave the firm for private reasons.
A date for his departure has not yet been decided and he will continue to lead ABB until a successor is announced.
"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," said Hogan.
Hogan joined ABB as CEO in September 2008 and during his tenure the firm has invested about $20bn to strengthen the company.
"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 chairman Hubertus von Grünberg.