Zurich, Switzerland, February 19, 2001 - ABB today said the Board of Directors will propose changes in its membership at the annual general meeting of shareholders on March 20, as well as a share split to improve the liquidity of ABB's shares.
The company said that Donald Rumsfeld has resigned his membership on the Board as a result of his recent appointment as U.S. Secretary of Defense. In addition, Göran Lindahl and Peter Sutherland have both decided not to stand for re-election.
The Board proposes the re-election of Percy Barnevik, Gerhard Cromme, Jürgen Dormann, Martin Ebner, Robert Jeker, Agostino Rocca, Edwin Somm, and Jacob Wallenberg.
The Board proposes the election of Jörgen Centerman, ABB's President and CEO, to the Board of Directors. The Board intends to re-elect Percy Barnevik as Chairman, and Robert Jeker as Vice Chairman.
The Board has also proposed a four-to-one share split to reduce the par value of ABB's registered shares to Sfr. 2.50 from Sfr. 10. The split has been proposed to improve the liquidity and marketability of ABB's shares.
The proposals will be made to ABB Ltd's annual general meeting of shareholders, to be held on March 20 in Zurich, Switzerland, and Västerås, Sweden. As last year, the two locations will be linked via a live satellite television broadcast.
ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, and the oil and gas sector markets with 160,000 employees in more than 100 countries. (End)