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ABB Nominates New Board Member

Source: 2/22/2017, Location: Europe

At the coming annual general meeting (AGM) on April 13, 2017, all ABB board members will stand for re-election, except for Robyn Denholm and Michel de Rosen who have decided to not stand for re-election. Following ABB’s selection process, the Board of Directors has nominated Lars Forberg, Managing Partner at Cevian Capital, as new member for election. The shareholders will vote on each person standing for election to the board at the company’s next AGM.

“We are pleased to nominate Lars to the Board of Directors of ABB. He brings relevant long-term experience as board member of industrial companies complementing the ambitions of our Next Level strategy,” said Peter Voser, Chairman of ABB’s Board of Directors. “At the same time I would like to thank Robyn for her valuable contribution over the past year and wish her well for her new executive position in Australia. We are grateful to Michel for his service and commitment to the board for more than a decade and his tremendous contribution in transforming ABB’s compensation system as the chairman of the compensation committee in the past three years.”

“I look forward to working with management and the colleagues of the board to enhance ABB’s long-term competitiveness and value, including through the successful implementation of ABB’s Next Level strategy” said Lars Forberg.

Lars Forberg co-founded Cevian Capital in 2002 and serves as its Managing Partner. Today, Cevian Capital is ABB’s second largest owner. Lars has extensive board and investment experience across multiple industries and geographies, in particular with companies managing strategic, operational and organizational change. He serves as a Member of the Election Committee of AB Volvo. Lars holds a M.Sc. degree in Economics and Business Administration from the Stockholm School of Economics, including studies at the University of Michigan.

The election of ABB’s nominees would bring the number of Board members from 11 today to ten.

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