ABB CEO Leaves Abruptly After Years of Pressure From Investors
- Chairman Voser takes on role in interim, says search has begun
- Quarterly results show overall orders were little changed
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ABB Ltd. Chief Executive Officer Ulrich Spiesshofer abruptly stepped down after nearly six years at the helm of the Swiss engineering company that were marked by a public spat with an activist shareholder and poor stock returns.
Chairman Peter Voser, 61, will take on the role in the interim during the search for a successor, according to a statement Wednesday. Spiesshofer, 55, and the board “mutually agreed for him to step down.” The shares rose as much as 5.8 percent, the biggest jump since February 2013.