![]() "We support the board's decision that now is the right time for a new person at the helm in order to speed up the execution of the new strategy and deliver on the key financial targets," an Investor spokeswoman said.Ĭevian Capital, ABB's second-largest shareholder with a 5.3 percent stake, said: "We support the strategic direction of ABB, and have full confidence in Peter Voser and the management team to continue implementing the transformation of ABB."ĬORRECTION: This article has been updated to show that ABB sold its power grids to Japan's Hitachi, not Toshiba. Martin Schumacher, dem Country Managing Director fur Deutschland, sterreich und die Schweiz, uber den Umbau des Unternehmens und die Folgen, die sich daraus fur die Kunden ergeben. Investor AB, ABB's largest investor with a 10.7 percent stake, said it supported the ABB strategy of focusing on digitalisation, electrification, automation and robotics. Mit etwa 1.900 Mitarbeitern startete die ABB Power Grids Germany AG am 4. ABB shares gained 5.5 percent on the news. The decision to give in to activist shareholder demands to sell power grids and return the money to shareholders failed to halt the slide.ĪBB said first-quarter net income dropped 6 percent as profitability fell due to the integration of the low-margin General Electric Industrial Solutions business.īig ABB shareholders said the time was right to make a change. Spiesshofer's attempts to shift ABB more towards automation had little impact on the share price.ĪBB's stock has lost 6 percent over the five years Spiesshofer has led the company, lagging rivals like Germany's Siemens and the Stoxx 600 Industrial Goods & Services price index that has gained nearly 33 percent in the same time. Spiesshofer, 55, had repositioned ABB and built up growth momentum, Voser said, although he said there had been some frustration at the company's performance. Voser, the former Royal Dutch Shell CEO who was ABB's finance chief from 2002 to 2004, said there would be no change in strategy at ABB, which is looking to introduce a simpler structure. He is happy after 14 successful years in executive positions and five-and-half years as CEO to move on and do something else." "As part of that discussion, you talk about leadership and discussions with Uli have taken place. Country Finance Director for ABB Power Grids, Germany, Switzerland and Austria. ABB - Power Grids Business engages in pioneering technologies that help balance the growing need for electricity while reducing environmental impact as a partner of choice for enabling a stronger. and the way we launched the new business in April that a board looks ahead for the next few years," Voser said. ABB - Power Grids Business offer innovative energy solutions. ![]() ![]() "It is normal when you do such big transactions like we did with Hitachi in December. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Japan’s Hitachi is buying a 80 per cent stake in ABB’s power grids division for 6.4bn in its largest-ever overseas acquisition, as it seeks to become a global industrial powerhouse and its. Best Debt Consolidation Loans for Bad Credit ![]()
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