Germany's Infineon CEO To Step Down In June

May 17, 2008 8:53 a.m. EST

Munich, Germany (AHN) - Infineon Technologies' chief executive Wolfgang Ziebart will be stepping down by June 1, according to local reports.

According to reports Friday, Ziebart's untimely resignation was precipitated by a falling out with supervisory board chief Max Dietrich Kley.

The CEO's contract for the chipmaker was due to end in September 2009.

Thomson Financial reported that the company's supervisory board will be holding a meeting on May 31. It noted that the board blames Ziebart for losses at its Qimonda memory chip division, as well as the lack of progress in restructuring other units at Infineon.

Infineon Technologies offers semiconductor and system solutions for automotive, industrial and multimarket sectors, for applications in communication, as well as memory products through its subsidiary, Qimonda.

The company achieved sales of $11.66 billion in 2007.