ABB to Pay Former CEO Spiesshofer CHF13 Million

   By Kim Richters 
 

ABB's former chief executive, Ulrich Spiesshofer, will receive 13.05 million Swiss francs ($13.35 million) from the company, almost a year after he stepped down.

Mr. Spiesshofer, who left the company in April last year, will get CHF8.58 million to cover the notice period since he stepped down until May this year, the Swiss engineering company said in its annual report on Wednesday.

Mr. Spiesshofer will also receive an additional CHF4.47 million for a non-compete clause that runs until the end of April 2021.

After Mr. Spiesshofer left the company, board chairman Peter Voser took over on an interim basis. However, from March 2020, Bjoern Rosengren will take the role of CEO.

Mr. Voser received a compensation of CHF3.44 million for his tenure as CEO in 2019, ABB said in its report. He also got CHF1.2 million for his time as chairman.

The company said in its report that it had considered the compensation packages for Mr. Rosengren and Mr. Voser "very carefully."

The incoming CEO's target total direct compensation will be almost 22% lower than that of the former CEO, it said.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

February 26, 2020 10:49 ET (15:49 GMT)

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