Infineon CEO resigns due to ill-health

Infineon’s CEO Peter Bauer has announced his resignation due to ongoing health problems.

Bauer has been suffering from bone disease osteoporosis for several years and has suffered numerous fractures to his vertebrae.  

His situation has worsened, according to an announcement by the German chip maker, and he has taken the decision to resign.

In a statement from Bauer, he said that the decision to resign was “very difficult”, but he felt that he could no longer give his role at the helm of the organisation the due attention.  

Bauer had been the CEO of Infineon since 2008, having started at the company way back in 1985.

The Supervisory Board at Infineon will now appoint a successor in Dr Reinhard Ploss, who is currently employed as Infineon’s chief technical officer and chief operations officer.  

Ploss, who has been with Infineon for 25 years, will take over the role of CEO from Bauer on 1 October 2012.

Last week, Infineon announced second quarter revenues ahead of forecast, and up four percent on the previous quarter to reach €986 million ($1.26 billion).