The CEO of German chipmaker Infineon Technologies will step down next week, the company said Monday.
Wolfgang Ziebart, who has run the company since 2004, is leaving on June 1 "due to different opinions on the future strategic orientation of the company," Infineon said in a statement.
Peter Bauer, an executive vice president and head of Infineon's automotive, industrial, and multiple-market business group, will assume Ziebart's position as spokesman of the company's management board.
Bauer, who was CEO of Siemens Microelectronics in the 1990s, joined Infineon when chip operations were spun off from Siemens in 1999.
Infineon, which has been losing money recently, also announced a program to try to improve margins.
The company, which is based in Neubiberg, Germany, has about 43,000 employees and is one of Europe's biggest chipmakers.