News on 26 October 2000
Jörgen Centerman, presently head of ABB’s Automation segment, will succeed Göran Lindahl as President and Chief Executive Officer from January next year. Lindahl announced his resignation following the release of disappointing third-quarter figures. He remains a member of the ABB Board.
 |
|
Jörgen
Centerman
|
Percy Barnevik, Chairman of the ABB Board, said Centerman
had the right background to continue ABB’s push for IT-related innovation
and the company’s expansion into knowledge-based and service-oriented
activities: "Centerman has an excellent track record and broad international
experience, and he has been deeply involved in the strategic shift of
ABB into an Industrial IT leader. Now, he can drive the transformation
not only of his own segment but the whole ABB Group."
Commenting on his decision to step down, Göran Lindahl said that
after 30 years in ABB, 15 years in corporate management and four years
as CEO, he felt it was the right time to hand over to a younger leader
with a true IT profile: "The first steps in transforming ABB have
been taken. Our organisation has responded well, and there is now a strong
bottom-up drive for even faster change. This is promising, as the environment
we act in is also changing faster and faster. I now feel it is the right
time to hand over in order to safeguard a continued good development."
ABB reported net profit of $1.25 billion in the nine months to September,
up 13% from $1.11 billion a year earlier. Operating profit after depreciation
rose 10% to $1.41 billion in the period, while revenues fell 8% to $15.98
billion.
The results fell short of analysts expectations of net profit between
$1.26 billion and $1.28 billion on revenues of $16.6 billion and $16.8
billion. ABB has forecast higher net profit and operating profit in 2000
and predicts new orders matching growth seen in the first nine months
of 2000.
