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.
The Alta Mesa transaction represents the sixth acquisition by partnerships between Tom Ward-led Mach Resources and private equity firm Bayou City Energy Management.
With Wall Street’s lingering hesitancy about the energy sector, private equity has taken on a larger role in financing the necessary midstream buildout.
Private-equity acquirers boosted midstream transactions to the fore last year, but has that till been depleted? An active midstream M&A climate looks to continue in 2020, say pundits, with water-related deals most attractive.