ZURICH, SWITZERLAND - The Board of Directors of ABB and its CEO Ulrich Spiesshofer have mutually agreed for him to step down from his role, which he has held since 2013, the company announced in a press release.

The Chairman of the Board, Peter Voser, will become interim CEO in addition to his current role, with immediate effect. An official search to find a new CEO has been initiated, the company said.

Peter Voser said: "On behalf of the Board and the employees of ABB, I would like to personally thank Ulrich for his dedication and commitment to ABB's customers and employees not only as CEO but also in other executive roles at ABB since 2005. Under his leadership, ABB has been transformed into a global technology leader focused in digital industries. He strategically repositioned the company and built up growth momentum across all businesses. We wish him all the best for his future endeavors."

Peter Voser, a Swiss citizen, has been Chairman of ABB since April 2015. Prior to this, he was CEO of Royal Dutch Shell from 2009-2013, and CFO between 2004-2009. Between 2002 and October 2004, he was CFO of ABB.

Source: ABB