ABB names replacement for departing CEO

Sunday, June 16th, 2013 | Finance News

ZURICH (Reuters) - ABB has chosen Ulrich Spiesshofer, the head of its automation and motion division, as new chief executive after the surprise resignation of Joe Hogan for personal reasons last month.

Spiesshofer will take over as CEO of the world's biggest supplier of industrial motors on September 15. Hogan, who spent nearly five years in the role, will continue as a senior advisor to the ABB board for some months, the company said.

"I am extremely pleased that the new CEO comes from within the company, and brings a solid track record and deep knowledge of the portfolio," ABB Chairman Hubertus von Gruenberg said in a statement.

"Ulrich has been a key force in shaping and implementing ABB's strategy, and the integration of Baldor stands out as a benchmark for successful large acquisitions."

ABB bought U.S. motor maker Baldor Electric for $4.2 billion in 2010 as it sought to boost its U.S. presence under Hogan.

Spiesshofer joined ABB's executive committee in 2005 and has led the automation and motion division since 2009, doubling the division's revenues through increased sales and acquisitions. Between 2005 and 2009 he was head of corporate development at the company.

Previously he spent more than a decade at management consultants A.T. Kearney.

(Reporting by Martin de Sa'Pinto; editing by Patrick Graham)