LONDON Ė Peter Bauer, CEO of chip company Infineon Technologies AG (Munich, Germany), has resigned his post with effect from the end of current fiscal year due to health reasons.
The company issued a statement on Sunday (March 13) saying that Bauer has been suffering from osteoporosis for several years, that his condition has deteriorated recently and that he had informed the supervisory board of his decision to leave the company. The fiscal year ends on Sept. 30, 2012.
The supervisory board has appointed Reinhard Ploss as CEO of Infineon, effective Oct. 1, 2012. Ploss is a member of the Infineon management board and is currently responsible for production, development, technology and human resources, serving as CTO, COO and labor director.
The statement said that due to his condition Bauer has suffered numerous fractures of the vertebrae over several years.
"This is a very difficult decision for me," said Bauer in the statement. "After so many eventful years together, Infineon and its employees are very dear to my heart. However, due to the uncertainties posed by my illness I can no longer dedicate the undivided attention required by the office of the CEO to lead Infineon into the future. I feel that I have a duty to my health, my family and the company to step down from my current position."
Peter Bauer well serve as CEO of Infineon until Sept. 30, 2012...
Bauer added: "Reinhard Ploss is a highly experienced manager with excellent knowledge of our industry. He enjoys high acceptance within the company and among our international business partners. Infineon is very well positioned for the future. We address the right trends with our focus on energy efficiency, mobility and security and we have a proven management with a track record of success."
Wolfgang Mayrhuber, chairman of Infineon's supervisory board, said: "The supervisory board deeply regrets that Peter Bauer resigns his post as CEO of Infineon Technologies AG due to health reasons, but has full understanding and great respect for the very personal reasons behind the decision."
Mayrhuber added "The supervisory Board is grateful for Peter Bauer's outstanding contribution to the company. With the support of his management, he prepared the company for the future. Infineon is stable and profitable today, with attractive products, state of the art manufacturing and competent employees led by an excellent management team."
...Reinhard Ploss takes over as CEO of Infineon with effect from Oct. 1, 2012.
Mayrhuber added that Ploss would bring a mix of technical expertise and broad business knowledge to the post of CEO.
Bauer began his career in 1985 at Siemens Semiconductors and rose to take senior positions in sales and marketing and be on the management board when Infineon went public in 2000. He became CEO in 2008. Under his leadership, Infineon executed a restructuring and refinancing program in response to the 2009 financial crisis and exited a number of market sectors, most notably wireless, and focused on energy efficiency, mobility and security.
Ploss has been with Infineon prior to that Siemens, for more than 25 years. After engineering leadership roles in development and manufacturing he took responsibility for Infineonís automotive and industrial divisions. Ploss was appointed to the Infineon management board in 2007.
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