Schneider Electric has ousted CEO Peter Herweck with immediate effect. Schneider Electric has ousted CEO Peter Herweck with immediate effect, the French industrials giant said on Monday, citing issues with his execution of the company's strategy.
"The Board of Directors decided to remove from office Peter Herweck as Chief Executive Officer due to divergences in the execution of the company roadmap at a time of significant opportunities," the company said in a statement.
Schneider Electric could not be immediately reached to clarify what those divergences were.
Herweck had been the CEO of Schneider, which specialises in digital transformation of energy management and automation, since May last year, after having served as the boss of industrial software group AVEVA.
He will be replaced by Olivier Blum, current chief of Schneider's energy management business and member of its executive committee since 2014.
The board unanimously appointed Blum to "accelerate the execution of its strategy and engage into the next phase of its development", Schneider said.
