Major industrial company changes CEO, and other news
Schneider Electric has reportedly moved to replace CEO Peter Herweck "due to differences in how the company's strategy was being executed," the French industrials giant said earlier this week.
"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," it said in a statement reported by multiple international news outlets.
The "divergences" referenced remain unclear at this time. Herweck had been the CEO of Schneider, which specializes in digital transformation of energy management and automation, since May last year.
"The CFO and Head of IR hosted a short call this morning that outlined the Board felt the strategy was not being as decisively or collaboratively implemented as hoped and that the CEO's style was not a fit," J.P.Morgan said in a note to clients.
In other news for the accomplished company, it released a statement earlier this week noting that it was victim of its third cyberattack in 18 months, this one organized by HellCat ransomware.
“Schneider Electric is investigating a cybersecurity incident involving unauthorized access to one of our internal project execution tracking platforms which is hosted within an isolated environment,” a spokesperson said in an emailed statement. “Our Global Incident Response team has been immediately mobilized to respond to the incident. Schneider Electric’s products and services remain unaffected.”
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