ABB Vice-Chairman Wallenberg to step down (updated)

Investor AB

31/01/2024 17:20

(Adds detail, comment)
       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)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))