UPDATE 4-ABB CEO's shock exit overshadows record results

(Adds chairman quotes, updates shares, recasts)

By Katie Reid

ZURICH, Feb 13 (Reuters) - The surprise departure of Chief Executive Fred Kindle from engineering group ABB (ABBN.VX: Quote, Profile, Research) on Wednesday overshadowed record results and sent the group's shares tumbling on uncertainty about its future.

Investors ignored pleas for calm by Chairman Hubertus von Gruenberg -- who refused to elaborate on Kindle's departure except that there were no problems with compliance or performance -- and sold down shares over 10 percent.

"Fred Kindle is leaving the company due to irreconcilable differences of opinion about how to lead the company," the group said in a statement. Chief Financial Officer Michel Demare will serve as interim CEO.

Von Gruenberg said the Swiss-based group maintained its earnings targets and strategy. "The entire framework of ABB stays intact. That is more than justified because the track we are on is so successful and we don't change a winning concept," said von Gruenberg.

But the exit of one of Switzerland's business heroes left many questions unanswered -- not only what the "irreconcilable differences" were and who would lead the company, but also whether ABB would now splash out on bigger acquisitions.

Kindle was admired for restoring growth and stability to a group brought near collapse by heavy debts.

"Fred Kindle is probably the most successful CEO in ABB's history and for him to resign during ABB's most successful trading period will be a shock to the market," said analysts at Citibank in a note to clients.