Business Wire

ABB Names Peter Voser as Interim CEO; Ulrich Spiesshofer Steps Down

Share

The Board of Directors of ABB and its CEO Ulrich Spiesshofer (55) have mutually agreed for him to step down from his role, which he has held since 2013. The Chairman of the Board, Peter Voser (61), will become interim CEO in addition to his current role with immediate effect. An official search to find a new CEO has been initiated.

Peter Voser: “On behalf of the Board and the employees of ABB, I would like to personally thank Ulrich for his dedication and commitment to ABB’s customers and employees, not only as CEO, but also in other executive roles at ABB since 2005. Under his leadership, ABB has been transformed into a global technology leader focused in digital industries. He strategically repositioned the company and built up growth momentum across all businesses. We wish him all the best for his future endeavors.”

Voser added: “We will continue to focus on implementing ABB’s strategy and delivering value to all our stakeholders. To achieve our key financial targets, we will proceed with the divestment of ABB’s Power Grids business as planned, simplify the organizational structure of the group and deliver cost savings. Finally, our four new leading businesses will be fully dedicated to meet our customer needs for digitalization, electrification, automation and robotics.”

Ulrich Spiesshofer: “After 14 years of 'all in' dedication and commitment to all our employees and customers, I hand over to Peter a trimmed ABB ship that is on a clear course and gaining speed. I would like to warmly thank our colleagues around the world, customers and partners as well as the Board of Directors for the opportunity to serve this fine company for nearly one and a half decades in different roles in the Executive Committee and as CEO. I will now take some time out before deciding on the next chapter of my professional life. From the bottom of my heart, I wish ABB’s global team all the very best for its future.”

Peter Voser, a Swiss citizen, has been Chairman of ABB since April 2015. Prior to this, he was CEO of Royal Dutch Shell from 2009-2013, and CFO between 2004-2009. Between 2002 and October 2004, he was CFO of ABB and a key leader behind the successful turnaround of the company. Voser also brings a wealth of experience in board positions in leading companies such as a Roche, IBM, Catalyst, Temasek Holdings and PSA International in Singapore.

ABB will hold its Annual General Meeting on May 2, 2019, in Zurich, as planned.

ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader with a comprehensive offering for digital industries. With a history of innovation spanning more than 130 years, ABB is today a leader in digital industries with four customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by its common ABB Ability™ digital platform. ABB’s market-leading Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 147,000 employees. www.abb.com

This information is information that ABB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 6.45 a.m. CEST on April 17, 2019.

Contact information

ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
or
Investor Relations
Jessica Mitchell
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

‘Energy’ Pulses Through Superstar Swimmers in International Swimming League Leg in Naples14.10.2019 10:49:00 CESTPress release

The second and final day of the International Swimming League’s first tour of Europe proved to be the most exciting of the young season thus far, as a sold out crowd at the Piscina Felipe Scandone in Naples, Italy, were treated to a pair of tight club battles that came down to the final event. The passion of the European fans was very evident to those competing, giving them a boost late in the match. “It's really cool how great this has been unfolding,” said Cali Condor’s Caeleb Dressel, who was named MVP with a match-high 57.5 points. “Again this is my first meet, but everyone loved Indy. And this is, I think, even a step up from that because it's in Europe this time. I think the fans are a little bit crazier, a little bit better, a little bit more into it.” "This is a whole other level of things. I mean, the crowd for one, but the lights, the DJ, the walkout, it makes it seem like an event. Not just something that you get to watch, but you feel like you're a part of it.” “The energy

Libelium Focuses Its Business on Professional IoT Technology Closing the Electronics Maker Division "Cooking Hacks"14.10.2019 10:40:00 CESTPress release

In a technological market where the demand for professional solutions is increasingly challenging, Libelium has decided to focus on the strategic shift to offer complete IoT technology solutions specialising in vertical applications . This decision marks the operational closure of the e-commerce Cooking Hacks, the business division where Libelium has offered electronic products for amateur audiences (makers, students...). This shutdown will be effective from December 31, 2019. Until that date, Cooking Hacks will offer very attractive prices with different campaigns of stock liquidation. Libelium will continue to offer technical support and all products purchased will maintain their current warranty period. "As a pioneer in IoT, Libelium has offered technology for all audiences since the beginning in 2006. It is time to specialize in products and solutions with higher added value, better quality, accuracy and reliability; features that require more developed platforms than Arduino and R

PPF and SOTIO Invest $6.5 Million in MaveriX Oncology and its Lead Program MVX-500514.10.2019 10:08:00 CESTPress release

SOTIO, together with PPF, and MaveriX Oncology, Inc., today announce the investment of PPF Group in MaveriX Oncology Inc., a private biotech company with a proprietary pipeline of targeted, small-molecule cancer chemo-immunotherapeutics. PPF has committed to investing $6.5 million in MaveriX Oncology’s ongoing Series A financing contingent on key development milestones. In total, MaveriX is aiming to secure a total of $20 million in funding and the round will remain open for additional investors to join. The proceeds will enable MaveriX to advance the company’s lead program MVX-5005 through IND-enabling studies, and complete first-in-human Phase Ia/Ib clinical trials for the treatment of solid tumors in support of clinical proof-of-concept. The company will also advance further platform programs to drug candidate selection. In addition, SOTIO has secured an option to license and co-develop MVX-5005 and related next-generation compounds in Europe, contingent on completion of the first p

With Putin’s Visit, UAE Takes Spotlight in the New World Order14.10.2019 08:21:00 CESTPress release

Watermelon Communications -- Patrick Michael, a commentator on the Middle East, wrote: Energy, Strategy, and Security; these three parameters have defined and shaped Russia-Middle East relations in the post-Cold War era. At a microcosmic level, this also applies in the case of UAE-Russia ties. While energy creates interdependence and makes partnership the only viable option on the table, security and strategy continues to be an entangled web. As Putin embarks on another significant visit to the Gulf – essentially UAE and Saudi Arabia – it’s time to revisit the three parameters. A good starting point is the conversion of views and strategies on energy supplies. A broad agreement over the output cut is critical considering the pressure on oil prices in the wake of a slowing global economy. There’s nothing more fruitful for the industry and the economy than the big suppliers working in coordination and Russia “deeply values the significant contribution the UAE is making to the global oil

Metanoia Announces Its Next Generation Broadband Access Technology14.10.2019 07:11:00 CESTPress release

BROADBAND WORLD FORUM 2019--In order to respond to the ever increasing demand for higher data rate of xDSL over copper, coax lines, Metanoia Communications (“Metanoia”) announced today the launch of its latest family of chipsets that supports all the ITU-T Gfast (212MHz profile) and VDSL2 (35MHz profile) standards and builds on Metanoia’s proven Gfast, VDSL2 and ADSL2/2+ technology. With its MT-x2331 product family, Metanoia will deliver the industry first next generation broadband access xDSL PHY chipset for multiple applications including home gateways, low density xDSL Central Office systems and standalone xDSL termination, such as SFP modules. Emerging trends in the Broadband Access Networks make the use of standalone xDSL PHY solution more pertinent for WAN PHY agnostic platforms. A standalone xDSL PHY enables cost-effective upgrade of existing WAN deployments, an approach which is increasingly attractive to Operators. Metanoia MT-x2331 series is a chipset family that supports all

BIZCENTER USA Launches Coworking Facility in Orlando With Plans for Nationwide Franchise14.10.2019 04:01:00 CESTPress release

Multimedia, Inc. (www.multimediausa.com) starts today the operations of BIZCENTER USA LLC, its affiliate for shared workspaces and virtual offices. Located on a fully owned 4,400 sq. ft. area in one of the most strategic regions of Orlando, Florida, BIZCENTER USA is offering brand-new state of the art executive suites in a facility with upscale conference rooms, reception, luxury lounge, and kitchen. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191013005018/en/ Founded in Orlando in 1991, Multimedia is a leading marketing and communications company, highly recognized worldwide for its professional integrity, serving advertising agencies, direct clients and media outlets across all continents. According to Fernando Mariano, president of both companies, the creation of BIZCENTER USA fulfills the needs for a stylish shared workspace and virtual office facility in Southwest Orlando. “Multimedia has strong ties with the Orlando