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ABB Appoints New CEO


6/17/2013 9:00 AM

Ulrich Spiesshofer will become ABB Ltd.'s chief executive from Sept. 15, the power and technology company said in a statement on Monday.

The company is grappling with integrating expensive acquisitions made by his predecessor Joe Hogan and a possible slowdown in China.

Mr. Spiesshofer had been one of the favorites for the top job at the world's largest maker of power grids and substations, according to reports in the Swiss media. The 49-year-old German had been head of its discrete automation and motion division since 2009 where he doubled revenue and integrated with U.S. industrial motors business Baldor—ABB's largest-ever acquisition, the statement said.

"I am extremely pleased the new CEO comes from within the company and brings a solid track record and deep knowledge of the portfolio," ABB Chairman Hubertus von Grünberg said. ABB didn't make Mr. Spiesshofer available for interview.

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Source: The Wall Street Journal

 

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