ABB’s new head is current GE Healthcare chief
Joseph Hogan of GE Healthcare will head the electrical engineering company ABB Ltd as of 1 September.17 July 2008
ZURICH - Electrical engineering company ABB Ltd. on Thursday named the head of a General Electric Co. unit as its next CEO.
Joseph Hogan, the 51-year-old current chief of GE Healthcare, will take over as ABB's new chief executive on 1 September. He will replace Michel Demare, who served as interim CEO after the surprise resignation of boss Fred Kindle in February.
Kindle was responsible for steering ABB back into the black after questionable acquisitions and asbestos claims nearly ruined the Swiss-Swedish company earlier in the decade.
ABB, which has benefited from a boom in products such as large-scale power installations and automation for a broad array of industries, said Demare would continue as chief financial officer.
Shares were up 2.8 percent at CHF 28.46 in Zurich.
GE Healthcare makes products for medical imaging, such as X-ray, ultrasound and MRI machines.
[AP / Expatica]