ABB’s chief Fred Kindle out

Fred Kindle, ABB’s chief executive, and who helped return the company to strong profitability after going through a difficult financial period, is leaving the company over “irreconcilable differences about how to lead the company.”
ABB’s Board of Directors named Chief Financial Officer Michel Demaré as interim chief executive.
Kindle joined ABB in September 2004 and took over as president and chief executive in January 2005. Over that time frame he oversaw strong growth and a return to profitability.
The Board fully supports the strategic targets announced in September 2007 and is confident in the executive committee’s ability to drive the strategy forward, officials said. The Board will immediately begin the search for a successor.
“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.”