PRZOOM - /newswire/ -
Zurich, Switzerland, 2014/03/04 - ABB’s Board of Directors announced that it would propose Hubertus von Grünberg for re-election as Chairman of the ABB Board. In addition, the Board will propose Matti Alahuhta as a new member of the ABB Board of Directors - ABB.com. NYSE: ABB
• Hubertus von Grünberg will be proposed for re-election as Chairman;
• Matti Alahuhta will be proposed as a new Board member;
• Hans Ulrich Maerki has decided to pursue other interests after 12 years on the Board;
• All other Board members to stand for re-election.
The Board of Directors also stated that all other members of the Board, with the exception of Hans Ulrich Maerki, will stand for re-election. The shareholders will vote on all Board member nominations at the company’s next annual general meeting (AGM) on April 30, 2014.
Matti Alahuhta (61), a Finnish citizen, has been President and CEO of Kone Corp., based in Helsinki, Finland, since 2006. Kone is one of the global leaders in the elevator and escalator industry. In addition, Matti Alahuhta has served as a member of the Board of Kone since 2003. Before joining Kone, Matti Alahuhta served as President of Nokia Telecommunications, President of Nokia Mobile Phones and Executive Vice President of Nokia Corp. Kone announced previously that Matti Alahuhta will step down as President and CEO of Kone on March 31, 2014. He will continue as a member of the Kone Board of Directors. Under his leadership, Kone has doubled its global market share in new elevators and escalators and Kone has built and developed a very strong global service business.
Matti Alahuhta is Chairman of the Board of Outotec Corp., a member of the Board of UPM Kymmene Oyj, and he has been nominated to the Board of AB Volvo, He is also Vice Chairman of the Board of the Confederation of Finnish Industries.
Hubertus von Grünberg, Chairman of the ABB Board, said: “Matti Alahuhta’s nomination to the Board reflects ABB’s commitment to further develop our core markets and to expand our presence in the increasingly important area of service. His background and insights will further enrich our Board.”
Hans Ulrich Maerki has decided not to stand for re-election. He has been a member of the Board since 2002 and is currently Chairman of the Governance, Nomination and Compensation Committee. “On behalf of the entire Board of Directors and management of ABB, I would like to thank Hans Ulrich Maerki for his strong contributions and relentless commitment to the development of ABB during the last 12 years,” said Hubertus von Grünberg. “Hans Ulrich Maerki has been an integral part of ABB’s development for more than a decade, including during times of turmoil some years ago. We thank him sincerely for his guidance and leadership in helping to shape today’s ABB. We respect his decision not to stand for re-election and wish him all the best for the future.”
ABB (abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 150,000 people.