ABB has announced the surprise departure of its chief executive just three weeks after the engineering group reported earnings that fell short of expectations, saying the move was for private reasons but giving no detail.

The Swiss company, the world's biggest supplier of industrial motors and power grids, said Joe Hogan (56) would be leaving after nearly five years in the post. It said no date had been set for his exit and a successor would be named in due course.

His departure comes after ABB in April warned it faced a tough second half of the year and said it was stepping up cost-saving measures.

ABB also changed its chief financial officer just three months ago and analysts said the all-change at the top could herald a refocusing of the business. – (Reuters)