Spiesshofer joined ABB’s executive committee in 2005 and was named head of DM in 2009. He has led a doubling of the division’s revenues, and the integration of Baldor, ABB’s largest ever acquisition. He has increased profit margins through a turnaround in Robotics, as well as the profitable growth of motors and drives activities.
“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,” said Hubertus von Grünberg, ABB chairman. “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.”
Spiesshofer also initiated other business expansion activities in DM based on organic growth and acquisitions. These have helped DM to expand into new business areas such as e-mobility and uninterruptible power supplies (UPS). The planned acquisition of Power-One would make ABB a leading global supplier of solar inverters.
Hogan said, “Ulrich has done a tremendous job in DM based on the solid knowledge and experience acquired in many successful years within ABB and outside. With his strong contribution and team-oriented collaboration, our mid-term strategy has been making great progress.”
“I am excited about the opportunity to lead ABB and serve our customers, building on Joe’s success,” said Spiesshofer. “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.”
For more information, visit www.abb.com.
Publication date: 6/17/2013