German semiconductor maker Infineon Technologies AG (IFX, IFNNY.PK) announced Sunday that its Chief Executive Officer Peter Bauer would step down from the position at the end of the current fiscal year because of osteoporosis. The company said Bauer would be succeeded by Dr. Reinhard Ploss, effective October 1.
Bauer endured several fractures of the vertebrae in the past few years. His condition significantly worsened recently. After due consideration, Bauer informed the Supervisory Board of his decision to leave.
"This is a very difficult decision for me. 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," Bauer said in a statement.
Bauer, 51, has been serving as Infineon's CEO since June 2008. He maneuvered Infineon out of the 2009 financial crisis by executing a successful restructuring and refinancing program and focused the company's strategy on profitable growth.
He began his career in 1985 at Siemens Semiconductors, which eventually became Infineon. He joined the Infineon board in 1999.
Bauer began his career at Siemens AG (SI), working initially as a development engineer in the field of microcontrollers. In 1993, he became General Manager of Chipcard and ID-System ICs. He rose through the ranks of the company to become president and CEO of Siemens Microelectronics, Inc. in the U.S. in 1998.
"The selection of my long-time colleague, Dr. Reinhard Ploss, as successor, makes me very happy. 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." Bauer added.
Ploss is a member of the Infineon Management Board since June 2007, and is currently responsible for production, development, technology and human resources, the company stated.
Ploss, who has served the company for more than 25 years, joined Siemens/Infineon in 1986 as a process engineer for ion implantation in wafer manufacture.
Infineon shares closed Friday's regular trading session on Frankfurt's Xetra at 6.90 euros, up 0.11 euros or 1.67 percent, on a volume of 5.75 million shares.
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