German microchip maker Infineon has parted company with its chief executive Ulrich Schumacher. While it gave no reason for his resignation, there was speculation that the outspoken 45 year old had fallen out with his fellow directors.
And that he had been forced to stand down when they refused to back his future strategy for the company.
The share price of Infineon, formerly part of electronics giant Siemens, closed down 1.17% on the announcement.
In addition to disagreeing with Mr Schumacher's policy of outsourcing, it is also alleged that fellow directors objected to his authoritarian management style.
After it was floated in March 2000, Infineon was hit hard by the global collapse of the microchip market.
Yet after nine consecutive loss-making quarters, it has returned to profit for the past two.
Infineon said that its supervisory board chairman Max Kley, a former chief financial officer of chemicals company BASF, would take over as an interim chief executive.
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