Kaare Vagner to leave post as President and CEO of Adtranz

Zurich/Stuttgart, October 15, 1998 - ABB and Daimler-Benz, the co-owners of Adtranz, announced today that they agreed with Mr. Kaare Vagner, the President and Chief Executive Officer of their joint rail transportation venture, that he will leave his position.

The Supervisory Board will decide on a new president and CEO soon and until then Mr. Rolf Eckrodt, deputy CEO, will be acting President and CEO. Kaare Vagner, 52, has headed Adtranz since it was created in January 1996.
Adtranz is the world’s most complete provider of railway systems. The international railway group was formed on 1st January 1996 by merging the respective railway activities of ABB Asea Brown Boveri Ltd, Zurich/Switzerland, and Daimler-Benz, Stuttgart/Germany. The group’s product portfolio ranges from electric and diesel locomotives, high speed trains to inter-city and regional trains, trams and underground trains, people movers, signal and traffic control systems, fixed installations, infrastructure as well as servicing and maintenance. In 1997 the group collected orders of approximately US$ 4.2 billion. Adtranz employs about 23,000 people worldwide.

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