Infineon CEO Pushed Out

Infineon Technologies'(IFX Quote) CEO and president, Wolfgang Ziebart, is resigning because of differences with the company's board over future strategy.

The German semiconductor maker announced the resignation, which will take effect June 1, in a news release after the close of German trading Monday.

The company didn't name a permanent successor for Ziebart, but said Peter Bauer, a member of the company's management board, will "assume the position as Spokesman of the Management Board," an apparent interim CEO role.

"We would like to thank Mr. Ziebart for his efforts and merits," Infineon Chairman Max Dietrich Kley said. "He took over the position as CEO four years ago in an extremely difficult situation."

Infineon also said its supervisory board had unanimously pledged its support for Kley.

Kley said Bauer would lead Infineon on a new program, dubbed "IFX 10-Plus," aimed at improving profit margins through cost-cutting and improved efficiency. The company will nail down details of the program in coming weeks.

Infineon lost 1.37 billion euros ($2.16 billion) in the first quarter. Its U.S. shares lost 26 cents Friday to close at $9.98, down 47% from their 52-week high of $18.74. U.S. markets were closed Monday in observance of Memorial Day.