ZURICH (Reuters) - ABB
Hogan joined the Swiss industrial group as CEO in September 2008, and has invested some $20 billion to strengthen the company since then, including the major acquisitions of U.S. groups Baldor and Thomas & Betts and, in April this year, solar energy company Power One
Late last month the company said it would step up cost-cutting measures to boost profit in what it expects to be a tough second half of the year after first-quarter profit fell short of expectations.
ABB said Hogan would lead the company until a successor was named to ensure a smooth transition, and that the board would look both within the company and externally for a replacement.
"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," Hogan said in a statement.
(Reporting by Martin de Sa'Pinto; Editing by David Cowell)