By John Revill
ZURICH-- ABB Ltd. said Thursday it was proposing the former
chief executive of Royal Dutch Shell PLC as its next chairman, a
move that comes as the power and technology giant embarks on a new
five-year strategy.
ABB said Peter Voser would replace Hubertus von Grünberg, the
current chairman, if elected at the company's annual general
meeting next April. Mr. von Grünberg, 72, has been chairman since
May 2007 and won't stand for re-election, the company added.
The nomination marks a return to ABB for Mr. Voser, who served
as the company's chief financial officer from 2002 to 2004. At
Shell, he served as chief financial officer and later as chief
executive.
"I am delighted that Peter Voser has accepted to stand for
election as chairman of ABB," Mr. von Grünberg said in a statement.
"Peter Voser brings intimate knowledge of ABB and its key markets
as well as an excellent track record as a leader in large, global
organizations."
In his role, Mr. Voser will work with ABB Chief Executive Ulrich
Spiesshofer, who in September unveiled a five-year strategy that
minimizes risky projects which have caused the company problems in
recent years. ABB will also focus on high-growth markets and
collaboration with other companies, like a recently announced joint
venture with Hitachi Ltd. to develop high-voltage power grids in
Japan.
The strategy comes amid concern that the global economic and
political climate has clouded the company's outlook for the near
term. In October, it cautioned that slow growth in Europe,
political tension around the world and the Ebola epidemic in Africa
had the potential to weigh on business.
Investors welcomed Mr. Voser's nomination. Shares of ABB shares
rose 2.4% in midday trading, outpacing the blue chip Swiss Market
Index's 1.9% rise.
Analysts said Mr. Voser's previous experience at ABB suggested a
seamless transition.
Panagiotis Spiliopoulos, an analyst at Bank Vontobel in Zurich,
said Mr. Voser played a key role in ABB's turnaround in the early
2000s when the company was forced to restructure after being hit by
huge debt, asbestos litigation and the economic slowdown.
"Peter Voser brings a wealth of relevant experience and a strong
record, " Mr. Spiliopoulos said, rating ABB a buy.
Write to John Revill at john.revill@wsj.com
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