Schneider Electric replaces CEO amid management divergence [Fortune]
SCHNEIDER ELEC UNSP/ADR (SBGSY)
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Source: Fortune
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. The change at the top comes as Schneider has struggled with supply constraints from an extended period of high demand that hit its sales growth in North America, particularly in the residential buildings market in the U.S. The company was also recently fined by French regulators in a price-fixing case. Still, Schneider last week reiterated its full-year financial targets. Its shares recently hit a record high on rising demand for transformers, inverters, sensors, meters, software and systems, spurred by the AI-driven boom for data cente
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