ABB Investors Seek Frugal CEO to Solve $10 Billion Puzzle
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ABB Ltd. investors, reeling from Chief Executive Officer Joe Hogan’s announcement last month to step down, want a more frugally-minded replacement to integrate the $10 billion worth of U.S. acquisitions he left behind.
Hogan’s three-year spending spree added motors and low-voltage gear to the world’s biggest supplier of power grids. While the deals boosted profitability and helped ABB’s shares to outperform German rival Siemens AG, they’re also absorbing management time. That’s prompted ABB to offer a bonus program to executives for meeting integration targets.