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ABB seeks new chief executive after Spiesshofer's surprise departure

Added 04-17-19 04:03:01am EST - “ABB Chief Executive Ulrich Spiesshofer has quit the Swiss engineering group in a...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “ABB seeks new chief executive after Spiesshofer's surprise departure”. Below is an excerpt from the article.

ZURICH (Reuters) - ABB Chief Executive Ulrich Spiesshofer has quit the Swiss engineering group in a surprise move for a company which is in the midst of a strategic overhaul to focus more on digital industries.

Chairman Peter Voser will take charge at ABB, which is selling its Power Grids business to Japan’s Hitachi in an $11 billion deal and seeking to become more of an industrial automation company.

Spiesshofer agreed with the board to step down from the post he has held for the last five and half years and a search has begun for a successor, ABB said, without giving any reason for the departure.

During his tenure Spiesshofer positioned ABB toward more profitable areas like industrial automation and robotics, buying companies like Austria’s Bernecker & Rainer and General Electric’s industrial solutions business.

But Spiesshofer’s exit follows the apparent lack of investor enthusiasm for the former management consultant whose overhauls failed to revitalize ABB’s shares, which gained 4 percent in early trade on news of his departure to touch a six-month high.

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