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Reinhard Ploss (left) takes over as Infineon CEO Oct 1; Peter Bauer is leaving his post for health reasons

Infineon CEO Peter Bauer is stepping down for health reasons, but the Germany-based semiconductor groupimmediately announced he would be succeeded by another board member, Reinhard Ploss.

Infineon said in a press release that Bauer had been suffering from osteoporosis for several years and that his condition had "significantly worsened" recently.

"Due to the uncertainties posed by my illness I can no longer dedicate the undivided attention required by the office of the CEO to lead Infineon into the future," Bauer said in the statement.

The change will take effect October 1.

Ploss, a 25 year company veteran, is an Infineon board member responsible for production, development, technology and human resources.

Wolfgang Mayrhuber, who heads Infineon's supervisory board, said Ploss has improved Infineon's competitiveness in manufacturing and innovation. Said Mayrhuber: "He brings with him both extensive technical expertise and a broad business background."