ABB’s board of directors and Ulrich Spiesshofer have mutually agreed for him to step down from his role as CEO, which he has held since 2013, the company said on April 17.
The chairman of the board, Peter Voser, 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, a Swiss citizen, has been chairman of ABB since April 2015. Prior to this, he was CEO of Royal Dutch Shell from 2009 to 2013, and CFO between 2004 and 2009. Between 2002 and October 2004, he was CFO of ABB and a key leader behind the successful turnaround of the company.
The company said Voser brings a wealth of experience in board positions in leading companies such as a Roche, IBM, Catalyst, Temasek Holdings and PSA International in Singapore.
Recommended Reading
Pioneer Natural Resources To Cut Nearly A Third Of Its Executive Ranks
The announcement comes one day after Pioneer Natural Resources Co. completed its transformation into a pure-play Permian Basin company with the sale of its remaining South Texas assets for up to $475 million.
NextDecade Mourns Loss Of Founder, Chairman Kathleen M. Eisbrenner
NextDecade Corp. founder and chairwoman Kathleen M. Eisbrenner has died the company announced May 10. She was 58.
DUG Permian: Greg Armstrong Chats About Permian Basin, Business Philosophy, Industry's Future
From a humble start in E&P, Greg Armstrong went on to found and lead one of the largest players in the midstream sector, Plains All American Pipeline, until his recent retirement. In an exclusive fireside chat, Armstrong shares his insights on the past, present—and promising future—of the Permian and other plays, as well as the business philosophy he credits for his success.