April 17, 2019 / 7:16 AM / 4 days ago

Investor AB, Cevian support ABB move to replace CEO

FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Big ABB shareholders Investor AB and Cevian backed on Wednesday the Swiss engineering group’s move to replace Chief Executive Ulrich Spiesshofer.

“We support the board’s decision that now is the right time for a new person at the helm in order to speed up the execution of the new strategy and deliver on the key financial targets,” an Investor AB spokeswoman said in an emailed comment.

Lars Forberg, co-founder of Cevian Capital, said: “We support the strategic direction of ABB, and have full confidence in Peter Voser and the management team to continue implementing the transformation of ABB.”

Reporting by John Revill and Simon Johnson, Editing by Michael Shields

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