ABB boss quits after strategy row

Mr Kindle disagreed with other members of the ABB board

The head of Swiss-Swedish engineering group ABB has quit the firm after a clash over the company's strategy.

Fred Kindle is leaving ABB "due to irreconcilable differences of opinion about how to lead the company", the firm said.

There has been speculation that ABB was planning to expand through acquisitions as it invested profits it had made from a boom in electricity generation.

But Mr Kindle had said that he did not see takeovers as being on the cards.

ABB sells equipment to oil, gas and utilities companies.

Mr Kindle's departure came as the firm revealed a net profit of $3.8bn ($1.9bn) in 2007, more than double its 2006 result.

Chief financial officer Michel Demare is to serve as chief executive until a permanent appointment is made, ABB said.