Schneider Electric SE, one of Europe’s largest technology companies, has appointed Olivier Blum as its new Chief Executive Officer (CEO), signaling a strategic shift within the company. The decision, made by the company’s Board of Directors, comes just 18 months after Peter Herweck took the helm of the multinational firm, which specializes in electrical equipment and energy efficiency solutions.
In a statement, Schneider Electric confirmed the removal of Peter Herweck from his CEO position, citing “divergences in the execution of the company roadmap at a time of significant opportunities.” The company expressed its gratitude to Herweck for his contributions over the past 18 months, during which he led Schneider Electric through important phases of growth and transformation.
Blum, who has been with Schneider Electric for over 20 years, was previously the technology and business leader of the company’s largest division, the energy management business. His deep understanding of the company’s operations and his proven leadership record made him the Board’s unanimous choice to lead the next phase of Schneider Electric’s growth.
Fred Kindle, Vice Chairman & Lead Independent Director, explained the process behind the decision. “The Governance, Nominations & Sustainability Committee worked on this succession where several high-quality external and internal candidates were considered. The Board determined that Olivier Blum’s skills and personality made him the perfect candidate to lead the Company, notably his extensive knowledge of Schneider Electric, recognised exceptional leadership, and strong track record in setting a vision, defining a strategy, and executing the required transformations.”
Blum’s appointment is seen as a strategic move as Schneider Electric continues to focus on expanding its leadership in energy efficiency technologies. The company, with a market capitalisation of approximately €140 billion, is facing a rapidly evolving energy landscape, and Blum’s experience in driving innovation within the firm’s key divisions positions him well to lead Schneider Electric through this dynamic period.
