ABB names Morten Wierod as new CEO to replace Bjorn Rosengren
ABB named Morten Wierod as its new chief executive, the Swiss engineering group said on Friday, replacing industry veteran Bjorn Rosengren who has led an overhaul of the electrification and robotics company.
Wierod, the head of ABB’s electrification business, will replace Rosengren, effective Aug. 1, the Zurich-based company said.
Rosengren, who joined ABB in 2020, will retire at the end of the year. The 64-year-old Swede will advise and assist Wierod, a 52-year-old Norwegian who has also led ABB’s motion business, during the transition period, the engineering group said.
ABB Chairman Peter Voser said he was pleased the company, which makes factory robots as well as industrial motors and drives, had found an internal candidate to replace Rosengren.
“Morten is a strong successor to Björn with his deep understanding of ABB and our decentralized operating model in addition to his extensive expertise across our key customer segments and strong performance track record,” Voser said in a statement.
Rosengren, a former CEO at Swedish engineering company Sandvik and Finnish power company Wartsila, has significantly improved ABB’s performance during his tenure.
During his stint, Rosengren cut costs and decentralised ABB, while the company’s share price doubled, significantly outperforming the Swiss blue-chip index.
He also oversaw the separation of non-core businesses like its power conversion business, power transmission unit Dodge and the spin-off of its turbocharging unit Accelleron to shareholders.
Rosengren, who had applied to join ABB as a trainee after leaving university but was unsuccessful, said the company was now on the way to exploiting mega trends like increasing electrification and automation of production lines.
“Together with our more than 105,000 people, we have transformed ABB into an agile and purpose-driven leader in electrification and automation that has an important role in helping to accelerate the energy transition,” he said.
“I am convinced that ABB is in a unique position to seize the opportunities ahead.”
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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Published: 23 Feb 2024, 12:42 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.