ABB CEO Ulrich Spiesshofer steps down abruptly in middle of group’s overhaul GlobeBusiness
“If the board, including Mr. Spiesshofer and the executive committee look at our performance over the last few years on a competitive basis, we are not where we would like to be,” Voser told journalists on a call.
“It is normal when you do such big transactions like we did with Hitachi in December... and the way we launched the new business in April that a board looks ahead for the next few years,” Voser said. Voser, the former Royal Dutch Shell CEO who was ABB’s finance chief from 2002 to 2004, said there would be no change in strategy at ABB, which is looking to introduce a simpler structure.Spiesshofer, 55, had repositioned ABB and built up growth momentum, Voser said, although he said there had been some frustration at the company’s performance.
ABB said first-quarter net income dropped 6 per cent as profitability fell due to the integration of the low-margin General Electric Industrial Solutions business.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sudanese President Omar al-Bashir steps down, government sources sayTens of thousands take to the streets in the centre of Khartoum in jubilation, dancing and chanting anti-Bashir slogans
Read more »
Sudanese officials say army forced president to step downTens of thousands of Sudanese marched toward the centre of the capital Khartoum on Thursday, cheering, singing and dancing in celebration as two senior officials said the military had forced longtime autocratic President Omar al-Bashir to step down after 30 years in power.
Read more »
Foxconn chairman plans to step down, pave way for younger talentFoxconn chairman plans to step down, pave way for younger talent GlobeBusiness
Read more »
Supreme Court of Canada's Clement Gascon stepping down for family reasonsSupreme Court Justice Clement Gascon is retiring in September after five years on the high court.
Read more »
Officials In Sudan Say Army Forced President al-Bashir To Step DownThe military told the nation to expect an “important statement” soon in an announcement on state TV.
Read more »
Supreme Court of Canada’s Clement Gascon stepping down for family reasonsThe court says Gascon, 58, is stepping down for personal and family reasons
Read more »