ABB seeks new chief executive after Ulrich Spiesshofer's surprise departure by johnrevill7
ZURICH - 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.
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. ABB’s stock has lost 6.5 percent since Spiesshofer took over in September 2013, trailing rivals like Germany’s Siemens which have gained nearly 19 percent in the same time.
“We support the board’s decision that now is the right time for a new person at the helm in order to speed up the execution of the new strategy and deliver on the key financial targets,” she added.
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