Swiss engineering firm ABB Ltd (ABB,ANN.L) Monday announced the appointment of Ulrich Spiesshofer, the head of its Discrete Automation and Motion division, as the company's Chief Executive Officer.
Spiesshofer will succeed Joe Hogan in this role on September 15. Hogan will continue with ABB for some months as Senior Advisor to the Board.
Spiesshofer joined ABB's Executive Committee in 2005 and became responsible for the Discrete Automation and Motion division or DM in 2009. He led a doubling of the division's revenues by organic and inorganic means.
He also helped integrate Baldor Electric Co., which was the company's largest ever acquisition. A successor to his role in DM will be announced in due course.
Spiesshofer also initiated other business expansion activities in the division based on organic growth and acquisitions. His actions helped the division grow faster than the market and expand into new business areas like e-mobility and uninterruptible power supplies. According to the company, Spiesshofer has increased profit margins through a turnaround in Robotics.
ABB Chairman Hubertus von Grünberg said, "ABB has developed a strong bench of talent: 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."
The company recently announced the acquisition of solar inverter manufacturer Power-One for around $1 billion, which will be integrated into DM. ABB noted today that the planned acquisition of Power-One would make the company a leading global supplier of solar inverters.
Prior to taking over DM, Spiesshofer was responsible for Corporate Development, leading strategy development and implementation across the power and automation businesses, including ABB's roadmap for mergers and acquisitions and the formation of its technology venture arm.
Spiesshofer strengthened ABB's operational excellence and procurement processes in this role, laying the groundwork for the cost savings program.
Commenting on his appointment, Spiesshofer said, "I am excited about the opportunity to lead ABB and serving our customers building on Joe's success. I am looking forward to keep working with all my colleagues in the Executive Committee and the entire ABB team. Together, we will continue to drive profitable growth and relentless execution for the company."
Prior to joining ABB, Spiesshofer spent three years at Roland Berger Strategy Consultants and 11 years at A.T. Kearney management consultants, where he built successful consulting businesses in industries such as oil and gas, utilities, telecoms and automotive.
The stock rose 0.3 percent in Zurich on Friday to close at 20.19 Swiss francs.
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