ABB: CEO steps down; shares rise

(CercleFinance.com) - ABB said on Wednesday that its chief executive will step down immediately and reported first-quarter earnings that beat expectations, sending shares up over 5%.


Ulrich Spiesshofer, who has been CEO since 2013, will be replaced on an interim basis by board chairman, Peter Voser, the group said this morning.

The Swiss engineering group announced that its revenues improved 4% in the first three months of the year, with strong growth in electrification products and robotics and motion.

Operational EBITA reached 766 million dollars, up 2% (+10% in local currencies), while its EBITA margin was down 0.5 point at 11.2%.

The spin-off of the power grid business is on track, ABB also said.

The Zurich-listed ABB shares were up 5.5% at 21.2 Swiss Francs in early morning trading. The shares have risen by over 13% year-to-date.

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