ABB Ltd.’s designated Chief Executive Officer Ulrich Spiesshofer has been preparing for the job since his student days. His 1991 dissertation examined how engineers can reach top management roles at industry companies.
ABB Ltd., the world’s largest supplier of power grids, said Ulrich Spiesshofer will become chief executive officer, an internal promotion of a manager who integrated the Swiss company’s largest acquisition.
ABB Ltd. investors, reeling from Chief Executive Officer Joe Hogan’s announcement last month to step down, want a more frugally-minded replacement to integrate the $10 billion worth of U.S. acquisitions he left behind.
Siemens AG , Europe’s largest engineering company, said profit this year will rise at least 75 percent, more than it previously anticipated, as customers buy more industrial equipment and a unit overhaul starts to pay off.
Siemens AG’s first-quarter profit declined on charges for delays in high-speed trains orders and a failed solar power project, adding to more than 1 billion euros ($1.3 billion) in predicted restructuring costs this year.
Siemens AG ’s plan to sell its computer-services unit to Atos Origin SA will let Chief Executive Officer Peter Loescher end years of losses from a business that proved unfixable for his two predecessors.
Electrolux AB, the world’s second- biggest appliances maker, will buy Compania Tecno Industrial SA in a transaction valued at about $690 million to become the largest supplier of appliances in Chile and Argentina.
Royal Philips Electronics NV, the world’s biggest maker of light bulbs, dropped the most in more than two years in Amsterdam trading after saying it needs to deepen cost cuts to combat deteriorating demand for lighting and consumer electronics.