ABB’s New CEO Takes the Reins
Ulrich Spiesshofer has succeeded Joe Hogan as chief executive officer of ABB, the leading power and automation technology group, following the three-month orderly transition period announced earlier this year. Hogan will continue as advisor to the Board until the end of March 2014. In a welcoming statement, Hubertus von Grünberg, Chairman of ABB’s Board of Directors, said: "Ulrich Spiesshofer has an outstanding track record forming and developing high performing teams and has…
ABB Appoints Ulrich Spiesshofer CEO
The Board of ABB has appointed Ulrich Spiesshofer, head of its Discrete Automation & Motion (DM) division, as Chief Executive Officer. Ulrich Spiesshofer will succeed Joe Hogan in this role in an orderly transition on September 15, 2013. Hogan will continue with ABB for some months as Senior Advisor to the Board. Spiesshofer joined ABB’s Executive Committee in 2005 and was named responsible for DM in 2009. He has led a doubling of the division’s revenues by organic and inorganic means, and the integration of Baldor – ABB’s largest ever acquisition.
ABB Chief Technology Officer to Leave
Chief Technology Officer, Prith Banerjee, who joined ABB in 2012, has decided to leave ABB for family reasons. Banerjee, located in Switzerland, will be relocating to the United States where he will be taking another position outside the company. ABB say that a successor will be announced in due course. “Prith has brought new momentum to ABB’s research and development activity,” said CEO Joe Hogan. “I regret Prith’s decision to leave the company. Banerjee will be leaving ABB in the next few weeks. A date for his departure has not yet been decided.
ABB CEO Joe Hogan to Leave the Company
ABB Chief Executive Officer Joe Hogan has decided to leave ABB for private reasons. A date for his departure has not yet been decided, says the company, and Hogan will continue to lead ABB until a successor is announced as he is committed to a smooth transition. “Joe is a great and successful CEO and has done a remarkable job of leading the company through the deepest economic crisis in living memory. ABB today is in a much better position than it was when he joined five years ago,” said Chairman Hubertus von Grünberg. Hogan joined ABB as CEO in September 2008.
ABB Reports Steady Orders, Higher Revenues in Q3 2012
ABB report solid performance in an uncertain market in its third quarter 2012 financial report. • Thomas & Betts contributed approx. ABB reported steady orders and higher revenues2 in the third quarter of 2012 despite a challenging macroeconomic environment, as the company benefited from its well-balanced market exposure, especially the improved access to the North American automation market gained through recent acquisitions. Power orders were lower than the year-earlier period, which included a large offshore wind order. Excluding that order, power orders rose 10 percent, driven by utility and industry investments in power transmission.
ABB's Michel Demaré To Step Down as CFO
ABB announce that Michel Demaré is to leave & will become Chairman of the Board of Syngenta beginning in April 2013. Demaré , 56, joined ABB in 2005 as Chief Financial Officer and acted as interim CEO for part of 2008. In addition, he was head of ABB’s Global Markets organization for several years. He will leave ABB at a date still to be determined. “Michel Demaré has had outstanding track records during his time with ABB. The company’s strong financial position today is testimony to his achievements”, said Joe Hogan, ABB’s Chief Executive Officer. “We congratulate him on his appointment as Chairman of Syngenta and thank him for the energy and professionalism that he has brought to his roles at ABB.” A successor to Demaré will be announced in due course.
ABB Post First Quarter Results
Zurich, Switzerland - ABB reported higher orders and revenues in the first quarter of 2012, led by growth in North America. Operational EBITDA declined 7 percent compared to the same quarter a year earlier while net income was up 5 percent. Orders were 2 percent above the very high levels in the first quarter of 2011, driven mainly by utility investments in power distribution and industrial demand for automation solutions that increase productivity. Order growth mirrored regional economic trends and was weakest in China and southern Europe. Service orders were up 9 percent and represented 20 percent of total orders, reflecting progress in implementing the service growth strategy.
