In an official statement, Schneider Electric indicated that the Board and Herweck had conflicting views on the implementation of the roadmap during a period of considerable opportunity. However, the specifics of the disagreement were not disclosed.
Herweck held the CEO position for 18 months and was acknowledged for his contributions. Financial details related to his departure will be disclosed in accordance with regulatory requirements.
During a client call, investment bank J.P. Morgan noted that Schneider Electric's strategy lacked decisive execution and that collaboration with the former CEO was challenging, suggesting that Herweck was not an ideal fit for the organization.
Olivier Blum, who currently leads Schneider's energy management division and has been a member of the executive committee since 2014, will take over as CEO.
The board has unanimously selected Blum to "accelerate the execution of its strategy and engage in the next phase of its development," according to Schneider Electric.