The chief executive of ABB is stepping down as the Swiss engineering company undergoes a major overhaul.

The company said Wednesday that Ulrich Spiesshofer had agreed with the board of directors to relinquish with immediate effect the role he's held since 2013.

Board chairman Peter Voser, a former CEO of Royal Dutch Shell, is taking over as interim chief executive.

Investors have been pressing ABB, which specializes in automation and factory robots, to increase its margins in recent years.