Zurich, Switzerland, November 21, 2001 – Percy Barnevik announced that he is leaving his position as Chairman and Board member of ABB. Jürgen Dormann, presently a Board member of ABB and Chairman of the Management Board of Aventis, has been elected by the Board as its new Chairman.
"After five years as chairman of ABB I have decided to resign and open up for a new chairman to prepare nominations to the Board at the upcoming Annual General Meeting of Shareholders in March next year. I also with my departure take my share of responsibility for the less good performance of ABB in recent years," Barnevik said in a statement.
"ABB is well positioned both in products and markets and I believe fully in the present management and strategy. I am convinced that ABB, under the leadership of CEO Jörgen Centerman, will show a strong development in coming years," Barnevik added.
Dormann stated: "ABB is undergoing important changes that will bring it to a stronger position." He pointed out that Barnevik had been with the company for 22 years, eight years as CEO of ASEA, nine years as CEO of ABB and the last five years as non-executive chairman.
ABB (www.abb.com) is a global leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. ABB has 160,000 employees in more than 100 countries.
Barnevik, born 1941, is Chairman of the board at Investor, AstraZeneca and Sandvik, and a member of the board of General Motors.
Jürgen Dormann, born 1940, is Chairman of the Management Board of Aventis, and was earlier the Chairman of the Management Board of Hoechst AG. He is a member of the boards of IBM and Allianz.