Infineon CEO to Quit Over Strategy Disagreements
Infineon's president and CEO, Wolfgang Ziebart, will resign June 1 over differences of opinion on the "future strategic orientation" of the company, the company said late Monday.
Peter Bauer, currently a member of the management board, will replace Ziebart and assume the position as spokesman of the management board, the company said. Bauer, an executive vice president, heads the automotive, industrial and multi-market business group and the company's central sales functions.
Infineon also announced its management and supervisory boards have started a new company-wide restructuring program called "IFX 10-Plus" aimed at improving the company's competitiveness in the cut-throat semiconductors market.
The program aims at improving the company's margins, cutting manufacturing costs and increasing overall efficiency, said Infineon. More details of the new program will be outlined in the weeks ahead, the company said.
Since becoming CEO in 2004, Ziebart reorganized parts of the company, including making its memory business a separate company called Qimonda, which was listed on the New York Stock Exchange in August 2006.
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27-05-2008, 07:40 PM
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