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.
Selling midstream interest, water infrastructure and long-dated inventory are among the options for the Permian pure-play.
Midstream entity will become the third-largest gas gathering hub in U.S. after spin-off.
Once managed individually by energy producers, the job of supplying, collecting and disposing of water is a rising cost, and has spawned a $34 billion a year business in the U.S. that has lured investors.