ABB promotes Ulrich Spiesshofer to chief as Joe Hogan steps down ABB has promoted the head of its discrete automation and motion division, Ulrich Spiesshofer, to chief executive, following Joe Hogan's unexpected decision last month to stand down. Mr Spiesshofer will succeed Mr Hogan at the helm of the Swiss engineering conglomerate on September 15. Mr Hogan, who is leaving for private reasons, will continue as a senior adviser to the ABB board for "some months," the company said. Mr Spiesshofer, a German national who joined ABB's executive committee in 2005, had been one of the favourites to succeed Mr Hogan, having overseen a doubling of revenues and an improvement in margins during his four years in charge of the DM division. During that time, he also superintended the integration of Baldor Electric, the maker of industrial motors bought by ABB for $4.2bn in 2010, in what remains the Swiss group's largest acquisition. Analysts at Citi said Mr Spiesshofer's promotion was a "sensible appointment." An internal appointment allows for a continuation of the . . . strategy and direction that we believe the board would have wanted. We have been impressed by [Mr] Spiesshofer on our prior interactions," the analysts wrote. Hubertus von Grünberg, chairman, said he was pleased that the company had settled on an internal candidate, and that Mr Spiesshofer's "deep knowledge" of ABB's businesses would stand him in good stead. "Ulrich has been a key force in shaping and implementing ABB's strategy, and the integration of Baldor stands out as a benchmark for successful large acquisitions," he said. Mr Spiesshofer, 49, said he was "excited" about the chance to lead ABB and was looking forward to working with his team. "Together, we will continue to drive profitable growth and relentless execution for the company," he said. Before taking charge of the DM division, Mr Spiesshofer was in charge of corporate development, a role in which he was closely involved in the development and implementation of strategy across all ABB's businesses. Before joining ABB, he spent 14 years working for the management consultants Roland Berger and A.T. Kearney. ABB said that a new head of its DM division would be named in due course. Shares in the company were up 1.14 per cent at SFr20.42 in early morning trading in Zürich.