Germany

Germany

Cable manufacturer ABB appoints new CEO

Ilrich Spiesshofer promotes current head of discrete automation and motion division

Manufacturer of high-voltage direct-current offshore cables, ABB, has appointed Ilrich Spiesshofer as its new CEO.
Currently head of ABB’s Discrete Automation and Motion (DM) division, Spiesshofer will succeed Joe Hogan in the role - in what ABB describes as an "orderly transition" - on 15 September.
Hogan, who announced his unexpected decision to stand down in May, will continue as a senior adviser to the board.
Spiesshofer, 49 and a German national, joined ABB’s executive committee in 2005 and was made responsible for the DM division in 2009. He has overseen a doubling of the division’s revenues and an improvement in profit margins since then. He also superintended the $4.2 billion takeover in 2010 of Baldor Electric, which remains ABB’s biggest acquisition.
"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 Grunberg.

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