The search process for a new CEO has been initiated. ABB will also hold its Annual General Meeting on May 2, 2019 in Zurich as planned.

Interim CEO Peter Voser (61): "On behalf of the Board of Directors and the employees of ABB, I would like to personally thank Ulrich for his dedication and commitment to ABB's customers and employees not only as CEO, but also as a leader in other ABB management positions since 2005. Under his leadership, ABB has evolved into a global technology leader with a clear focus on digital industries. He has strategically realigned the company and built growth momentum in all business areas. We wish him all the best for his personal and professional future."

Peter Voser becomes interim CEO with immediate effect. © ABB

Voser added: "We will continue to focus on executing ABB's strategy and creating value for all our stakeholders. To achieve our financial targets, we will move forward with the sale of ABB's power grids business as planned, simplify the Group's corporate structure and achieve the announced cost savings. Our four new leading businesses will be fully focused on meeting the needs of our customers in the areas of digitalization, electrification, automation and robotics."

Ulrich Spiesshofer (55) bids farewell with the words: "After fourteen years of full commitment and dedication to our employees and customers, I am handing over to Peter a well-trimmed ABB ship that has set its course and is gaining speed. I would like to sincerely thank all my colleagues worldwide, customers and partners as well as the Board of Directors for the opportunity to serve this great company for almost a decade and a half in various roles on the Executive Committee and as CEO. I will now take some time out before deciding on the next chapter of my professional life. From the bottom of my heart, I wish the ABB team around the world all the best for the future."

Peter Voser, a Swiss citizen, has been Chairman of the Board of Directors of ABB since April 2015. Prior to that, he was CEO of Royal Dutch Shell from 2009 to 2013 and CFO of the company from 2004 to 2009. From 2002 to October 2004, he was CFO of ABB and one of the key figures responsible for the company's economic upturn. Voser also has extensive experience in board positions at leading companies such as Roche, IBM, Catalyst, Temasek Holdings and PSA International in Singapore.