The board of ABB, Zurich, Switzerland, appointed Ulrich Spiesshofer, the head of its Discrete Automation and Motion division, as its new chief executive officer, succeeding Joe Hogan in this role on Sept. 15, 2013. Hogan will continue with ABB for some months as senior advisor to the board.
Spiesshofer joined ABB’s executive committee in 2005 and was put in charge of Discrete Automation and Motion in 2009. He has led a doubling of the division’s revenues by organic and inorganic means, and the integration of Baldor – ABB’s largest ever acquisition, at $3 billion. He has increased profit margins through a turnaround in the company’s Robotics business, as well as “the profitable growth and relentless execution of the motors and drives activities,” ABB said in a release.
“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 ABB Chairman Hubertus von Grünberg. “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.”