Schneider Electric Names Aveva Boss Peter Herweck New CEO - Update

By Pierre Bertrand

Schneider Electric SE on Thursday named Peter Herweck as new chief executive officer as it implements a new governance structure, splitting the office of chairman from that of the CEO.

Mr. Herweck, the current CEO of Aveva, will succeed Jean-Pascal Tricoire as Schneider Electric CEO after the annual general meeting scheduled for May 4, 2023, Schneider Electric said, adding that Mr. Tricoire will remain as chairman.

Mr. Tricoire, who has served as CEO since 2006, said the timing was now right for him to step down after guiding the company through its acquisition of Aveva.

"We have now a clean house in the field of software that we can accelerate and keep developing as we go forward," Mr. Tricoire said.

With Schneider Electric's acquisition of Aveva, the priority now will be to scale performance and development, Mr. Tricoire said.

Aveva's Chief Operating Officer and Chief Revenue Officer, Caspar Herzberg, will take on the role of chief executive at Aveva, Mr. Tricoire said.

Mr. Herzberg will assume the role on March 1, a Schneider Electric spokesman said.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

February 16, 2023 08:54 ET (13:54 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.