ABB Vice-Chairman Wallenberg to step down

Credit: REUTERS/Arnd Wiegmann

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ZURICH, Jan 31 (Reuters) - ABB's ABBN.S Vice-Chairman Jacob Wallenberg and director Gunnar Brock are to stand down from the company's board, the Swiss engineering group said on Wednesday.

The Zurich company has proposed Johan Forssell and Mats Rahmstrom as new members for election at the company's annual general meeting on March 21. Neither will stand for the post of vice-chairman.

Forssell will represent the interests of ABB's biggest shareholder, Investor AB, the vehicle of the Wallenberg family. He has been CEO at Investor, which holds a 14.1% stake in ABB, since 2015 but will step down to work as an industrial adviser.

Mats Rahmstrom has been President and CEO of Swedish industrial company Atlas Copco Group ATCOa.ST since 2017.

"We are looking forward to welcoming both Johan and Mats," said ABB Chairman Peter Voser, who is also standing for re election.

"With their experience as seasoned senior leaders with particular focus on industrial companies and decentralized operating models they will perfectly complement the competencies of our board."

ABB is due to report its fourth-quarter earnings on Thursday.

(Reporting by John Revill Editing by David Goodman and David Evans)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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