ABB appoints Morten Wierod to succeed Björn Rosengren as CEO

ABB Ltd / Key word(s): Personnel ABB appoints Morten Wierod to succeed Björn Rosengren as CEO 23-Feb-2024 / 06:36 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. ZURICH, SWITZERLAND, FEBRUARY 23, 2024

Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

The ABB Board of Directors has appointed Morten Wierod as Chief Executive Officer. He will take office on August 1, 2024, and succeed Björn Rosengren, who will step down from his position as Chief Executive Officer effective July 31, 2024, and retire as of December 31, 2024.

From August 1, 2024, until the end of the year, Björn Rosengren will advise and assist Morten Wierod and the Executive Committee to ensure a seamless transition.

Morten Wierod (52), a Norwegian citizen, has been appointed by the Board following a thorough selection process. He joined ABB in 1998 and has been serving as a member of ABB's Executive Committee since 2019, currently as President of the Electrification Business Area and previously as President of the Motion Business Area. Morten Wierod holds a Master's Degree in Electrical Engineering from the Norwegian University of Science and Technology.

ABB Chairman Peter Voser said: “I am pleased that after a competitive selection process we are able to name an outstanding internal candidate to lead ABB. Morten is a strong successor to Björn with his deep understanding of ABB and our decentralized operating model in addition to his extensive expertise across our key customer segments and strong performance track record. Under Morten’s leadership, ABB will continue to focus on our key priorities while our new financial and sustainability targets remain firmly in place.

“At the same time, the Board is extremely grateful to Björn for his outstanding leadership over the past four years. He was instrumental in aligning ABB’s business portfolio to our purpose and significantly improving our financial and sustainability performance thanks to our ABB Way operating model. Björn will hand over an efficient, more profitable and faster growing ABB.”