Schneider Electric Ousts CEO After Disagreements Over Strategy

Schneider Electric unexpectedly ousted its Chief Executive Officer Peter Herweck after only a year and a half in charge, citing disagreements with the board over the strategic direction of the French maker of energy-management equipment and software.

The company said in a statement Monday that its board replaced Herweck with group veteran Olivier Blum, effective immediately. The board is led by Chairman Jean-Pascal Tricoire, who built Schneider into one of France’s biggest companies, with a market value of €137 billion ($149 billion), through a series of deals during his 17-year run as CEO.

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