ABB – ABB appoints Morten Wierod to succeed Björn Rosengren as CEO
Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
The ABB Board of Directors has appointed Morten Wierod as Chief Executive Officer. He will take office on August 1, 2024, and succeed Björn Rosengren, who will step down from his position as Chief Executive Officer effective July 31, 2024, and retire as of December 31, 2024.
From August 1, 2024, until the end of the year, Björn Rosengren will advise and assist Morten Wierod and the Executive Committee to ensure a seamless transition.
Morten Wierod (52), a Norwegian citizen, has been appointed by the Board following a thorough selection process. He joined ABB in 1998 and has been serving as a member of ABB’s Executive Committee since 2019, currently as President of the Electrification Business Area and previously as President of the Motion Business Area. Morten Wierod holds a Master’s Degree in Electrical Engineering from the Norwegian University of Science and Technology.
ABB Chairman Peter Voser said: “I am pleased that after a competitive selection process we are able to name an outstanding internal candidate to lead ABB. Morten is a strong successor to Björn with his deep understanding of ABB and our decentralized operating model in addition to his extensive expertise across our key customer segments and strong performance track record. Under Morten’s leadership, ABB will continue to focus on our key priorities while our new financial and sustainability targets remain firmly in place.
“At the same time, the Board is extremely grateful to Björn for his outstanding leadership over the past four years. He was instrumental in aligning ABB’s business portfolio to our purpose and significantly improving our financial and sustainability performance thanks to our ABB Way operating model. Björn will hand over an efficient, more profitable and faster growing ABB.”
Morten Wierod commented: “I am grateful that the Board has given me the opportunity to lead this great company with its people and technologies that are at the heart of building a low-carbon society. It has been a privilege to work alongside Björn over the past years. After we have set more ambitious financial and sustainability standards not long ago, I will continue building on our decentralized operating model to capture the full potential of our market leading positions in electrification and automation.”
Björn Rosengren commented: “It has been an honor to lead ABB over the past years and I am convinced that the company will be in good hands with Morten. Together with our more than 105,000 people, we have transformed ABB into an agile and purpose-driven leader in electrification and automation that has an important role in helping to accelerate the energy transition. I am convinced that ABB is in a unique position to seize the opportunities ahead.”
A search process for Morten Wierod’s existing position as Business Area President Electrification will be launched shortly.
SourceABB
EMR Analysis
More information on ABB: See the full profile on EMR Executive Services
More information on Peter Voser (Chairman of the Board of Directors, ABB Ltd): See full profile on EMR Executive Services
More information on Björn Rosengren (Chief Executive Officer and Member of the Group Executive Committee, ABB until July 31, 2024 + Advisor to the Chief Executive Officer and to the Executive Committee, ABB until December 31, 2024): See the full profile on EMR Executive Services
More information on ABB Electrification: See the full profile on EMR Executive Services
More information on Morten Wierod (President, Electrification and Member of the Executive Committee, ABB + Member of the Board of Directors, ABB E-mobility Holding AG + Chief Executive Officer and Member of the Group Executive Committee, ABB as from August 1, 2024): See full profile on EMR Executive Services
EMR Additional Notes:
- Carbon Dioxide (CO2):
- Primary greenhouse gas emitted through human activities. Carbon dioxide enters the atmosphere through burning fossil fuels (coal, natural gas, and oil), solid waste, trees and other biological materials, and also as a result of certain chemical reactions (e.g., manufacture of cement). Carbon dioxide is removed from the atmosphere (or “sequestered”) when it is absorbed by plants as part of the biological carbon cycle.
- Biogenic Carbon Dioxide (CO2):
- Carbon Dioxide released as a result of the combustion or decomposition of organic material, that is biomass and its derivatives. Examples include carbon dioxide released during the combustion of wood and biogas generated by decomposition.
- Biogenic Carbon Dioxide (CO2) and Carbon Dioxide (CO2) are the same. Scientists differentiate between biogenic carbon (that which is absorbed, stored and emitted by organic matter like soil, trees, plants and grasses) and non-biogenic carbon (that found in all other sources, most notably in fossil fuels like oil, coal and gas).
- Carbon Capture and Storage (CCS):
- CCS involves the capture of carbon dioxide (CO2) emissions from industrial processes, such as steel and cement production, or from the burning of fossil fuels in power generation. This carbon is then transported from where it was produced, via ship or in a pipeline, and stored deep underground in geological formations.
- CCS projects typically target 90 percent efficiency, meaning that 90 percent of the carbon dioxide from the power plant will be captured and stored.
- Decarbonization:
- Reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.
- Carbon Footprint:
- There is no universally agreed definition of what a carbon footprint is. A carbon footprint is generally understood to be the total amount of greenhouse gas (GHG) emissions that are directly or indirectly caused by an individual, organization, product, or service. These emissions are typically measured in tonnes of carbon dioxide equivalent (CO2e).
- In 2009, the Greenhouse Gas Protocol (GHG Protocol) published a standard for calculating and reporting corporate carbon footprints. This standard is widely accepted by businesses and other organizations around the world. The GHG Protocol defines a carbon footprint as “the total set of greenhouse gas emissions caused by an organization, directly and indirectly, through its own operations and the value chain.”
