ZURICH — Oerlikon’s main shareholder, Renova, pushed chief executive Uwe Krueger out of the Swiss technology group Tuesday as it posted its latest set of disappointing results and began another round of cost cutting.

Oerlikon, in which Viktor Vekselberg holds a 45 percent stake through his Renova Group holding, recorded a first-half net loss of 99 million Swiss francs ($93.4 million) as demand tumbled in its textile unit.

“The results were not satisfactory. One reason for them is the economic downturn, but this is not sufficient,” Oerlikon chairman Vladimir Kuznetsov, who is also Renova’s chief investment officer, told reporters Tuesday.

“We have the heavy burden of debt, and we have to make fast decisions,” Kuznetsov said. “We’re facing tough times. The board needs to get involved not only in strategy deliberation but also in strategy implementation.”

Board member Hans Ziegler, who one Zurich-based trader said has a good reputation as a turnaround manager, will take the helm with immediate effect until the board picks a CEO, which could take four to nine months.

“Renova Group is convinced that [Ziegler] is the right person to steer Oerlikon through a challenging economic environment and guarantee the interests of all company stakeholders,” said the shareholder, which holds three out of five seats on Oerlikon’s board.

The shakeup comes after Renova oversaw the election of Juergen Dormann as chairman of Swiss engineering group Sulzer, in which the Russian company holds a 31 percent stake, after forcing out former chairman Ulf Berg.

Oerlikon, which issued several profit warnings last year and posted a full-year loss for 2008, said it would look to save another 400 million francs. The company plans to ax another 2,500 jobs after cutting 1,500 positions in the first half. The group has 16,500 workers.