Göran Lindahl new President and CEO of ABB, Percy Barnevik remains Chairman

ABB appoints new President and CEO, appoints a new Executive Vice President in charge of Power Transmission and Distribution and establishes a new CFO function in the Executive Committee

Zurich, Switzerland, October 10, 1996 - ABB's Board today announced a major top management change, effective January 1, 1997. Göran Lindahl, presently Executive Vice President in charge of the Power Transmission and Distribution segment and the Middle East and North Africa Region, will succeed Percy Barnevik as President and Chief Executive Officer.

Percy Barnevik, 55, who has combined the two roles of Chairman of the Board and at the same time President and CEO, will remain Chairman. Göran Lindahl's successor as Business Segment Manager will be Sune Karlsson, presently Member of the Executive Committee of the German ABB organization. Eberhard von Koerber, Executive Vice President with regional responsibility for Europe and Sub-Sahara Africa, will also become responsible for the Middle East and North Africa. Renato Fassbind, responsible for the Corporate Audit function in the ABB Group, will take up a new position as Chief Financial Officer, reporting to the CEO.

Thus, ABB's new Executive Committee will from January 1, 1997, have 8 members. The basic organization of the business activities with three global industrial product segments and three main regions will remain the same as today. A new position of Chief Financial Officer in the Executive Committee will be established. The Financial Services Segment remains unchanged and continues to report to the CEO. The Transportation company, ADtranz, 50-percent owned together with Daimler-Benz, continues as before under a separate Board.

The Members of the new Executive Committee will be:

Göran Lindahl President and Chief Executive Officer
Eberhard von Koerber Executive Vice President, Europe, Africa and the Middle East
Howard Pierce Executive Vice President, The Americas
Alexis Fries Executive Vice President, Asia Pacific and South Asia
Sune Carlsson Executive Vice President, Industrial and Building Systems
Armin Meyer Executive Vice President, Power Generation
Sune Karlsson Executive Vice President, Power Transmission and Distribution
Renato Fassbind Executive Vice President, Chief Financial Officer
Adelheid Schilliger, Vice President responsible for the Audit function in the Europe region, will replace Renato Fassbind as manager of the Group Audit function.

"The Board of ABB believes in separating the executive role and the supervisory role and it was mentioned at the annual press conference in Warsaw in February that the combination of Chairman and CEO would be temporary and that a new President and CEO would be appointed," Percy Barnevik, ABB's Chairman and CEO, said in a statement today. Percy Barnevik has been President and CEO of ABB since the company was founded in 1988 through the merger of Asea and BBC Brown Boveri. From 1980 to 1988, he was President and CEO of Asea. "With ABB after 9 years well established on the road of long-term profitable growth, it was felt it was a natural time for this kind of transition," Mr. Barnevik added.

Göran Lindahl is 51 and has a M.Sc. in Electrical Engineering from Chalmers University of Technology, Gothenburg, Sweden, where he later received an Honorary Doctors degree. He has been a member of the ABB Group Executive Committee since ABB was formed in 1988 and has been with the Group for a total of 25 years. Beyond the global segment responsibility for Power Transmission and Distribution he has also during different periods been responsible in the Group Executive Committee for the Asia Pacific, South Asia and Middle East and North Africa regions. He previously held a number of management positions in research and marketing and has been a global business area manager and president of several ABB companies.

Sune Karlsson, who succeeds Göran Lindahl as Segment Manager for Power Transmission and Distribution, is 50, has a M.Sc. in Mechanical Engineering and has served a total of 24 years within the Group, 12 in Sweden and 12 in Germany. During the past nine years he has been in charge of Transmission & Distribution in Germany and has served as a global business area manager and member of the Executive Committee of ABB Germany. He has also worked as a production manager and company President.

Renato Fassbind, 41, holds a Ph.D. in Economics and has a background in accounting and audit at Swiss and American firms. Since he joined ABB in 1990, he has been responsible for the Group Audit function, reporting to the CEO.

Percy Barnevik stated further: "We are fortunate to have been able to make these top management appointments through internal recruitment. We will have a team at the top which will secure continuity, continued fast pace in the company's development and strong leadership for the future. Personally, I am committed to support the company by concentrating on an active role as Chairman of the Board." (End).

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    Page information:
    • Mr. John Fox
      ABB Corporate Communications, Zurich
      Tel. +41 1 317 7371
      Fax. +41 1 317 7958
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